Vernon appreciation rates and housing market information

Vernon housing market information

With 28,063 people, 12,867 houses or apartments, and a median cost of homes of $261,500, Vernon real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, Vernon homes are still considered rather expensive.

single-family detached homes are the single most common housing type in Vernon, accounting for 47.51% of the town's housing units. Other types of housing that are prevalent in Vernon include large apartment complexes or high rise apartments (28.03%), duplexes, homes converted to apartments, or other small apartment buildings (17.66%), row houses and other attached homes (4.28%), and a few mobile homes or trailers (2.52%).

People in Vernon primarily live in small (one, two, or no bedroom) single-family detached homes. Vernon has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Vernon's housing was primarily built during this period, from the '40s through the '60s. A full 42.74% of the town's housing hails from this era. Other housing ages represented in Vernon include homes built between 1970-1994 (36.40%), and housing constructed from 1939 and earlier (19.02%). There's also some housing in Vernon built between 1995 and later (1.84%).

Vernon home appreciation rates

Real estate appreciation rates in Vernon have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 8.24% during the period.

Over the last year, Vernon appreciation rates have trailed the rest of the nation. In the last twelve months, Vernon's appreciation rate has been -0.68%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Vernon were at -1.13%, which equates to an annual appreciation rate of -4.52%.

Relative to Connecticut, our data show that Vernon's latest annual appreciation rate is higher than 65% of the other cities and towns in Connecticut.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Vernon differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Vernon - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Vernon real estate investment or home purchase decisions.