The decades of the seventies and eighties saw other changes along the main street as businesses came and went with the fluctuations of the economy. Also affecting the business climate in the center of town was the explosion of large shopping malls in the surrounding area and even mini-malls along Route 1 in Norwood. The era of doing of one's shopping in downtown stores has passed by, and many stores found themselves struggling for survival.
There was a slight decline in the overall population of the town in those two decades, and a significant decline in the number of school-age children. The latter factor led to the closing of the Shattuck, Winslow, Guild and Willett elementary schools, as well as the closing of Junior High North on Prospect Street. The population trend also led to the moving the sixth grade from the elementary schools to the Junior High on Washington Street in South Norwood, and the ninth grade from the Junior High to the High School.
The former school buildings did not remain idle, however. They were soon converted to such uses as senior citizen housing, professional and medical offices, and school administration.
While the overall population went down by a few thousand, there was an increase in new housing construction. These housing units consisted of apartment complexes, new and converted condominiums in various parts of town, and single-family subdivision primarily on the perimeter of the town. During the period of 1972 to 1993, the assessed valuation of property in Norwood increased nearly ten times - from $287 million to $2.2 billion. The tax rate for a single-family properties went down over that span of time from $38 per thousand to $11.56 per thousand.
The strong religious traditions of Norwood were reaffirmed in recent years with the celebrations of the 25th anniversary of St. Timothy's Church in 1988, the 100th anniversary of St. Catherine's Church in 1990, and the 75th anniversary of St. Peter's Church in 1993.
Over the years, many religions have assembled in worship in Norwood. Among them, Temple Shaare Tefilah was established for those in the community who would live a Jewish life.