NORWICH MARKET AREA
The Norwich, Vermont real estate market had a nearly record-breaking year in 2021 with fifty-eight (58) sales of single-family homes, up from forty-seven (47) in 2020 but just shy of the town’s record of sixty-one (61) sales set in 2015.
At the time of this writing there were an additional two (2) single-family homes active under contract or pending and likely to close within the coming months.
Snyder Donegan was pleased to assist nine (9) buyers and sellers of all closed Norwich transactions in 2021, including the highest priced individual home sale– 180 Birch Hill Lane at $3,375,000.
Despite falling short of the sales record, an all-time high eighteen (18) homes priced over $1 million sold in Norwich in 2021, doubling the record set just last year. Consequently, this drove the average price of homes and the total dollar volume to record marks as well at $894,440 and $51,877,544, respectively.
Because of the extraordinarily competitive market, not only did homes spend less time on the market prior to sale than ever before (an average of 39 days), but buyers paid closer to sellers’ asking prices than ever before as well. In fact, buyers paid at or above the seller’s asking price in 39 of the 58 transactions on the year, underscoring their willingness to act fast and pay more than ever before.
With this surge in sales, however, came a void in regard to available inventory left on the market, as there were just three (3) single-family homes actively listed as of December 31. Though we remain optimistic about the market in 2022, Norwich will likely require a significant infusion of new listings to meet continued high demand in the area.
GREATER HANOVER-LEBANON MARKET AREA
Like the GWA market, the Greater Hanover-Lebanon market area (Hanover, Hartford, Lebanon, Lyme, Norwich, Plainfield, Strafford) registered its second-highest total number of transactions in history with 401 sales of single-family homes, shy of 2020’s record of 439. Buyers paid either at or above a seller’s asking price in 266 of the 401 sales that transacted over the year, with the average price of a home reaching a record $620,277.
Not surprisingly, these record totals have left a vacuum in terms of available inventory, as there were just eighteen (18) single-family homes actively listed in the entire Greater-Hanover market area on December 31, 2021, down from twenty-eight (28) at the same point in 2020 and down sharply from the eighty-four (84) available at this time in 2019.
In regard to luxury sales, the Greater Hanover-Lebanon market area saw a record fifty-seven (57) sales of homes that sold/closed for $1 million or more, shattering the previous record of thirty-six (36) set in 2020. The town of Hanover alone recorded thirty (30) luxury sales, its highest total in history. Snyder Donegan was pleased to represent nineteen (19) of the buyers and/or sellers of those luxury properties, including the highest priced sale in Norwich 2020 (180 Birch Hill Lane –$3.375 million).
NORWICH FY 2021 BY THE NUMBERS
- 58 SOLD single-family homes
- Average Price: $894,440
- Median Price: $729,000
- Total Volume: $51,877,544
- Average Negotiating Discount: -0.01%
- Average Days on the Market: 39.2
- 2 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $652,500
- Median Price: $652,500
- Average Days on the Market: 60.5
- 3 ACTIVELY LISTED single-family homes
- Average Price: $1,546,667
- Median Price: $1,450,000
- Average Days on the Market: 98.0
Charts illustrating portions of the above information can be found below, followed by a complete list of all 58 properties that sold in Norwich in FY 2021.
A list of all 58 properties that sold/closed in Norwich in FY 2021 is below.
| 296 Turnpike Road, Norwich, VT | $30,000 |
| 31 Loveland Road, Norwich, VT | $198,000 |
| 393 Beaver Meadow Road, Norwich, VT | $249,500 |
| 37 Bob White Lane, Norwich, VT | $325,000 |
| 714 Beaver Meadow Road, Norwich, VT | $350,000 |
| 54 Chapel Hill Road, Norwich, VT | $357,000 |
| 593 Tigertown Road, Norwich, VT | $380,000 |
| 1737 Turnpike Road, Norwich, VT | $384,900 |
| 1646 Beaver Meadow Road, Norwich, VT | $425,000 |
| 136 Stowell Road, Norwich, VT | $425,000 |
| 44 Bramble Lane, Norwich, VT | $435,000 |
| 24 Melview Ridge, Norwich, VT | $435,000 |
| 34 Stowell Road, Norwich, VT | $450,000 |
| 22 Eagle Lane, Norwich, VT | $455,000 |
| 1328 New Boston Road, Norwich, VT | $463,500 |
| 348 Main Street, Norwich, VT | $476,000 |
| 747 Turnpike Road, Norwich, VT | $485,000 |
| 248 Main Street, Norwich, VT | $550,000 |
| 95 Stowell Road, Norwich, VT | $560,000 |
| 714 Beaver Meadow Road, Norwich, VT | $565,000 |
| 60 Pine Tree Road, Norwich, VT | $575,000 |
| 707 VT Route 132, Norwich, VT | $575,000 |
| 1004 New Boston Road, Norwich, VT | $577,000 |
| 159 Hawk Pine Road, Norwich, VT | $579,000 |
| 5 Needham Road, Norwich, VT | $585,000 |
| 76 McKenna Road, Norwich, VT | $625,000 |
| 32 Melview Ridge, Norwich, VT | $625,000 |
| 153 Upper Pasture Road, Norwich, VT | $695,000 |
| 22 Lary Lane, Norwich, VT | $725,000 |
| 28 Hopson Road, Norwich, VT | $733,000 |
| 33 Needham Road, Norwich, VT | $733,144 |
| 752 Tigertown Road, Norwich, VT | $745,500 |
| 128 Turnpike Road, Norwich, VT | $795,000 |
| 271 New Boston Road, Norwich, VT | $835,000 |
| 11 Cossingham Road, Norwich, VT | $875,000 |
| 1045 Union Village Road, Norwich, VT | $885,000 |
| 408 Hawk Pine Road, Norwich, VT | $899,000 |
| 134 Goodrich Four Corners Road, Norwich, VT | $962,000 |
| 1226 New Boston Road, Norwich, VT | $985,000 |
| 183 Turnpike Road, Norwich, VT | $995,000 |
| 47 Elm Street, Norwich, VT | $1,100,000 |
| 352 Main Street, Norwich, VT | $1,150,000 |
| 55 Church Street, Norwich, VT | $1,175,000 |
| 55 Stagecoach Road, Norwich, VT | $1,200,000 |
| 27 Beaver Meadow Road, Norwich, VT | $1,225,000 |
| 5 Happy Hill Road, Norwich, VT | $1,225,000 |
| 37 Beaver Meadow Road, Norwich, VT | $1,225,000 |
| 65 Beaver Meadow Road, Norwich, VT | $1,335,000 |
| 66 Elm Street, Norwich, VT | $1,350,000 |
| 395 Main Street, Norwich, VT | $1,360,000 |
| 56 Elm Street, Norwich, VT | $1,375,000 |
| 196 Maple Hill Road, Norwich, VT | $1,570,000 |
| 39 Elm Street, Norwich, VT | $1,610,000 |
| 14 Olcott Road, Norwich, VT | $1,725,000 |
| 495 Tigertown Road, Norwich, VT | $1,950,000 |
| 1046 Beaver Meadow Road, Norwich, VT | $2,225,000 |
| 221 Bradley Hill Road, Norwich, VT | $2,700,000 |
| 180 Birch Hill Lane, Norwich, VT | $3,375,000 |
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