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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Norwood, PA 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 Q1 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Norwood, PA Housing Market Trends

With 5,880 people, 2,341 houses or apartments, and a median cost of homes of $322,748, Norwood real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Norwood, accounting for 38.49% of the borough's housing units. Other types of housing that are prevalent in Norwood include row houses and other attached homes ( 33.41%), duplexes, homes converted to apartments or other small apartment buildings ( 14.80%), and a few large apartment complexes or high rise apartments ( 13.29%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Norwood. Owner-occupied housing accounts for 67.65% of Norwood's homes, and 65.04% 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. Norwood's housing was primarily built during this period, from the '40s through the '60s. A full 48.93% of the borough's housing hails from this era. Other housing ages represented in Norwood include homes built before 1939 ( 35.40%) and housing constructed between 1970-1999 ( 10.16%). There's also some housing in Norwood built between 2000 and later ( 5.52%).

Norwood Home Appreciation Rates

Appreciation rates for homes in Norwood have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 91.36%, which ranks in the top 50% nationwide. This equates to an annual average Norwood house appreciation rate of 6.71%.

Appreciation rates are so strong in Norwood that despite a nationwide downturn in the housing market, Norwood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norwood appreciation rates continue to be some of the highest in America, at 17.08%, which is higher than appreciation rates in 91.69% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norwood. Norwood appreciation rates in the latest quarter were at 4.11%, which equates to an annual appreciation rate of 17.48%.

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

Average Home Values

Median Home Value

$322,748

Norwood, PA Home Prices
> $1,480,000
$1,110,001 - $1,480,000
$740,001 - $1,110,000
$592,001 - $740,000
$444,001 - $592,000
$296,001 - $444,000
$148,001 - $296,000
$74,001 - $148,000
$0 - $74,000
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
8.0%
8.0%
48.4%
48.4%
38.2%
38.2%
2.4%
2.4%
3.0%
3.0%
0% 100.0%
% of Homes
High

for Pennsylvania

High

for nation

Number of Homes And Apartments:

2,341

Norwood Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,948 / per month

Homeownership Rate

Owners
Renters
67.6%
67.6%
32.4%
32.4%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.1%
7.1%
92.9%
92.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.5%
5.5%
10.2%
10.2%
48.9%
48.9%
35.4%
35.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
38.5%
38.5%
33.4%
33.4%
14.8%
14.8%
13.3%
13.3%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.3%
0.3%
16.7%
16.7%
15.0%
15.0%
43.7%
43.7%
21.3%
21.3%
3.0%
3.0%
0% 100.0%
% of Homes