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Real Estate Market Report for Norwich, Vermont - 2017 in Review

 

2017 was a good year for the Norwich, Vermont real estate market.  The following chart shows residential sales from 2004 through 2017.  

 

 

The number of sales increased 33% in 2017 versus 2016, rebounding from the 50% drop off in sales between 2015 and 2016.  The reasons for that drop off are somewhat of an unknown, especially in consideration that the number of sales for neighboring Hanover were up 13% over the same period.  An overlay of Hanover and Norwich’s historical sales on the same graph shows an interesting trend:

 

 

In seven instances since 2004, Hanover and Norwich have had an inverse change in the number of sales compared to the prior year, a curious trend given the close proximity of the two markets, the fact that they share a great public school system, and have access to many great employment opportunities, among other similarities. 

 

The next graph shows the average negotiating discount (the percentage a house sold versus the last list price) in Norwich from 2004 through 2017.  The average negotiating discount dropped to 2.46% in 2017, from 3.66% in 2016.

 

 

In regards to the luxury market, Norwich saw two sales of homes over $1 million in 2017.  Snyder Donegan was pleased to assist the buyer in the sale of 741 Bragg Hill Road for $1,600,000.  You can see photos and more information on that sale by clicking here.

 

A list of all 42 properties that sold/closed in Norwich in 2017 is below:

354 Dutton Hill Road, Norwich, VT

$1,820,000

741 Bragg Hill Road, Norwich, VT

$1,600,000

237 Main Street, Norwich, VT

$990,000

39 Elm Street, Norwich, VT

$950,000

64 Ladeau Road, Norwich, VT

$945,000

534 VT Route 132, Norwich, VT

$850,000

1490 Beaver Meadow Road, Norwich, VT

$850,000

495 Main Street, Norwich, VT

$825,000

23 Church Street, Norwich, VT

$775,000

53 Partridge Hill Road, Norwich, VT

$729,000

47 Tucker Hill Road, Norwich, VT

$695,000

1 Cliff Street, Norwich, VT

$670,000

80 Blood Hill Road, Norwich, VT

$669,000

69 Meetinghouse Road, Norwich, VT

$635,000

261 Beaver Meadow Rd, Norwich, VT

$629,000

53 Old Farm Road, Norwich, VT

$595,000

340 Hawk Pine Road, Norwich, VT

$575,000

37 Meetinghouse Road, Norwich, VT

$572,500

86 Spring Pond Road, Norwich, VT

$500,000

89 Elm Street, Norwich, VT

$500,000

386 Beaver Meadow Road, Norwich, VT

$470,000

370 Hawk Pine Road, Norwich, VT

$465,000

6 Moore Lane, Norwich, VT

$430,000

229 Bradley Hill Road, Norwich, VT

$413,100

27 Hillside Road, Norwich, VT

$412,000

64 Glen Ridge Road, Norwich, VT

$405,000

266 Kerwin Hill Road, Norwich, VT

$387,500

1363 Turnpike Road, Norwich, VT

$386,000

503 Hawk Pine Road, Norwich, VT

$375,000

308 Beaver Meadow Road, Norwich, VT

$375,000

66 Turnpike Road, Norwich, VT

$369,500

65 McKenna Road, Norwich, VT

$360,840

95 Chapel Hill Road, Norwich, VT

$347,500

594 Goodrich Four Corners Road, Norwich, VT

$347,000

627 US 5 Route, Norwich, VT

$300,000

655 Route 132, Norwich, VT

$275,000

24 RIDGEWOOD HILL ROAD, Norwich, VT

$270,000

217 Town Farm Rd., Norwich, VT

$260,000

433 Union Village Rd, Norwich, VT

$225,000

153 Delta Drive, Norwich, VT

$213,000

649 VT Route 132, Norwich, VT

$205,000

191 Chapel Hill Road, Norwich, VT

$130,000

 

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