New Britain CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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New Britain, 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 Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

New Britain Housing Market Information

With a population of 72,453, 28,383 total housing units (homes and apartments), and a median house value of $176,104, New Britain real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, New Britain homes are still considered rather expensive.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in New Britain, accounting for 36.80% of the city's housing units. Other types of housing that are prevalent in New Britain include single-family detached homes ( 31.53%), large apartment complexes or high rise apartments ( 28.60%), and a few row houses and other attached homes ( 2.95%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

People in New Britain primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. New Britain 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. New Britain's housing was primarily built during this period, from the '40s through the '60s. A full 42.83% of the city's housing hails from this era. Other housing ages represented in New Britain include homes built before 1939 ( 36.15%) and housing constructed between 1970-1999 ( 18.23%). There's also some housing in New Britain built between 2000 and later ( 2.79%).

Vacant housing appears to be an issue in New Britain. Fully 11.17% of the housing stock is classified as vacant. Left unchecked, vacant New Britain homes and apartments can be a drag on the real estate market, holding New Britain 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.

New Britain Home Appreciation Rates

New Britain's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Britain during the period has been just 1.06%, which is lower than 80% of US communities.

Appreciation rates are so strong in New Britain that despite a nationwide downturn in the housing market, New Britain real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Britain appreciation rates continue to be some of the highest in America, at 8.35%, which is higher than appreciation rates in 87.43% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Britain. New Britain appreciation rates in the latest quarter were at 1.22%, which equates to an annual appreciation rate of 4.97%.

Relative to Connecticut, our data show that New Britain's latest annual appreciation rate is higher than 90% 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 city. Individual neighborhoods within New Britain differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Britain - 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 New Britain real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$176,104

New Britain, CT HOME PRICES

Value Range
> $1,129,000 0.1
$847,001 - $1,129,000 0.9
$565,001 - $847,000 0.4
$452,001 - $565,000 0.4
$339,001 - $452,000 2.4
$226,001 - $339,000 14.6
$113,001 - $226,000 68.5
$56,001 - $113,000 10.0
$0 - $56,000 2.6

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
49.1737226277372 95.2662721893491

Number Of Homes And Apartments:
28,383

New Britain Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
63.91% 2.47%
10
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,248 / per month

Homeownership Rate

Homeownership
Owners 39.51
Renters 60.49
Vacant 11.17

Housing Market Details

 

Age of Homes

AGE OF New Britain HOMES
2000 or Newer 2.8
1970 - 1999 18.2
1940 - 1969 42.8
1939 or Older 36.1

Types of Homes

TYPE OF New Britain HOMES
Single-Family 31.5
Townhomes 3.0
Small Apt. Buildings 36.8
Apt. Complexes 28.6
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF New Britain HOMES
No Bedroom 3.20
1 Bedroom 16.64
2 Bedrooms 36.05
3 Bedrooms 35.24
4 Bedrooms 7.50
5 or more bedrooms 1.37