Market Overview
Home Prices in Norway, MI
The median home value in Norway, MI is $165,224 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 1.8% compared to a year ago and up 3.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Norway are priced60% below average. Norway is part of the Iron Mountain, MI-WI metro area.
Over the past five years, Norway home values have risen by approximately30.0%, reflecting strong long-term appreciation in this market.
Price History
Norway Home Price Trend
City Comparison
Norway vs. National Median
At $165,224, homes in Norway cost 60% below the national median of $410,000. This makes Norway a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Norway?
20% Down Payment
$33,045
on $165,224
Monthly P&I
$862/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,095/mo
incl. taxes & insurance
Income Needed
$43,800
gross annual (30% rule)
10% Down Option
$16,522
+ PMI applies
Loan Amount (20% dn)
$132,179
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Norway, MI?
The median home value in Norway is $165,224 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 1.8% year-over-year.
How much have home prices changed in Norway?
Over the past year, home values in Norway have decreased by 1.8%. Over five years, prices have risen approximately 30.0%.
How much do I need to earn to buy a home in Norway?
To comfortably afford the median home price of $165,224 with a 20% down payment ($33,045) at today's rates (6.8%), you'd need a gross annual income of approximately $43,800. This assumes keeping total housing costs at or below 30% of gross income.
How does Norway compare to the national average home price?
The national median home value is approximately $410,000. At $165,224, homes in Norway are 60% below the national average.
What metro area is Norway part of?
Norway is part of the Iron Mountain, MI-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.