East Lyme CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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East Lyme, CT Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

East Lyme Housing Market Information

With a population of 18,789, 7,446 total housing units (homes and apartments), and a median house value of $344,567, East Lyme real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in East Lyme, accounting for 82.41% of the town's housing units. Other types of housing that are prevalent in East Lyme include large apartment complexes or high rise apartments ( 9.54%), duplexes, homes converted to apartments or other small apartment buildings ( 5.09%), and a few row houses and other attached homes ( 2.95%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in East Lyme. Owner-occupied housing accounts for 70.26% of East Lyme's homes, and 63.65% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in East Lyme built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in East Lyme built between 1940-1969 ( 30.54%). A lesser amount of the housing stock also hails from before 1939 ( 18.14%). There's also some housing in East Lyme built between 2000 and later ( 15.08%).

Vacant housing appears to be an issue in East Lyme. Fully 14.80% of the housing stock is classified as vacant. Left unchecked, vacant East Lyme homes and apartments can be a drag on the real estate market, holding East Lyme real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

East Lyme Home Appreciation Rates

Homes have actually lost value in East Lyme over the last then years, as home values have seen a decline of 5.63% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows East Lyme home appreciation rates at -3.02%, which equates to an annual appreciation rate of -11.54%.

Over the last year, East Lyme appreciation rates have trailed the rest of the nation. In the last twelve months, East Lyme's appreciation rate has been -0.58%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in East Lyme were at -3.02%, which equates to an annual appreciation rate of -11.54%.

Notably, East Lyme's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Connecticut, our data show that East Lyme's latest annual appreciation rate is lower than 70% 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 East Lyme differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in East Lyme - 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 2000, to assist you in making the best East Lyme real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$344,567

East Lyme, CT HOME PRICES

Value Range
> $1,075,000 1.0
$806,001 - $1,075,000 1.5
$538,001 - $806,000 10.3
$430,001 - $538,000 10.1
$323,001 - $430,000 26.0
$215,001 - $323,000 37.9
$108,001 - $215,000 11.5
$54,001 - $108,000 0.1
$0 - $54,000 1.5

High for CT
Very High for Nation

Value Relative to Nation Value Relative to State
15.3518248175182 30.7692307692308

Number Of Homes And Apartments:
7,446

East Lyme Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
44.20% 1.89%
9
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,529 / per month

Homeownership Rate

Homeownership
Owners 70.26
Renters 29.74
Vacant 14.80

Housing Market Details

 

Age of Homes

AGE OF East Lyme HOMES
2000 or Newer 15.1
1970 - 1999 36.2
1940 - 1969 30.5
1939 or Older 18.1

Types of Homes

TYPE OF East Lyme HOMES
Single-Family 82.4
Townhomes 3.0
Small Apt. Buildings 5.1
Apt. Complexes 9.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF East Lyme HOMES
No Bedroom 0.73
1 Bedroom 7.58
2 Bedrooms 23.39
3 Bedrooms 40.15
4 Bedrooms 23.49
5 or more bedrooms 4.66