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Norwich, Vermont Real Estate Market Report - Full Year, 2021

 

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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