Norwell, MA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norwell, MA Housing Market Trends

With 11,153 people, 3,666 houses or apartments, and a median cost of homes of $661,028, Norwell house prices are not only among the most expensive in Massachusetts, Norwell real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Norwell, accounting for 93.02% of the town's housing units. Other types of housing that are prevalent in Norwell include large apartment complexes or high rise apartments ( 3.28%), duplexes, homes converted to apartments or other small apartment buildings ( 1.99%), and a few mobile homes or trailers ( 1.03%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Norwell. Owner-occupied housing accounts for 91.48% of Norwell's homes, and 78.68% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Norwell's housing was primarily built during this period, from the '40s through the '60s. A full 36.70% of the town's housing hails from this era. Other housing ages represented in Norwell include homes built between 1970-1999 ( 35.31%) and housing constructed before 1939 ( 14.11%). There's also some housing in Norwell built between 2000 and later ( 13.88%).

Norwell Home Appreciation Rates

Real estate appreciation rates in Norwell's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.21% during the period.

Over the last year, Norwell appreciation rates have trailed the rest of the nation. In the last twelve months, Norwell's appreciation rate has been 7.24%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norwell were at 3.02%, which equates to an annual appreciation rate of 12.62%.

Relative to Massachusetts, our data show that Norwell's latest annual appreciation rate is lower than 90% of the other cities and towns in Massachusetts.

Average Home Values

 

Median Home Value:
$661,028

Norwell, MA HOME PRICES

> $1,193,000
9.7%
9.7%
$895,001 - $1,193,000
17.7%
17.7%
$597,001 - $895,000
39.7%
39.7%
$477,001 - $597,000
18.2%
18.2%
$358,001 - $477,000
11.0%
11.0%
$239,001 - $358,000
0.7%
0.7%
$119,001 - $239,000
0.2%
0.2%
$60,001 - $119,000
1.4%
1.4%
$0 - $60,000
1.2%
1.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MA

Value Relative To Nation

Number Of Homes And Apartments:
3,666

Norwell Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
80.66% 2.79%
3
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,502 / per month

Homeownership Rate

Owners
91.5%
91.5%
Renters
8.5%
8.5%
Vacant
5.2%
5.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.9%
13.9%
1970 - 1999
35.3%
35.3%
1940 - 1969
36.7%
36.7%
1939 or Older
14.1%
14.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
93.0%
93.0%
Townhomes
0.7%
0.7%
Small Apt. Buildings
2.0%
2.0%
Apt. Complexes
3.3%
3.3%
Mobile Homes
1.0%
1.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.5%
0.5%
1 Bedroom
4.3%
4.3%
2 Bedrooms
9.5%
9.5%
3 Bedrooms
36.5%
36.5%
4 Bedrooms
42.2%
42.2%
5 or more bedrooms
7.0%
7.0%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Norwell

Zip Codes in Norwell, MA