New Haven, CT Real Estate Market

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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New Haven, CT Housing Market Trends

With 130,250 people, 49,177 houses or apartments, and a median cost of homes of $258,673, New Haven real estate prices are well above average cost compared to national prices.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in New Haven, accounting for 42.63% of the city's housing units. Other types of housing that are prevalent in New Haven include large apartment complexes or high rise apartments ( 33.89%), single-family detached homes ( 19.40%), and a few row houses and other attached homes ( 3.95%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

New Haven is dominated by renter-occupied one, two, or no bedrooms apartments. 74.05% of New Haven's dwellings are rentals.

The housing in New Haven was primarily built before 1939 ( 47.74%), making the housing stock in New Haven some of the oldest overall in America, although there is a range of ages of homes in New Haven. The next most important housing age is between 1940-1969 ( 26.59%), followed by between 1970-1999 ( 17.74%). There's also some housing in New Haven built between 2000 and later ( 7.93%).

Vacant housing appears to be an issue in New Haven. Fully 11.68% of the housing stock is classified as vacant. Left unchecked, vacant New Haven homes and apartments can be a drag on the real estate market, holding New Haven 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 Haven Home Appreciation Rates

Real estate appreciation rates in New Haven's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.06% during the period.

Appreciation rates are so strong in New Haven that despite a nationwide downturn in the housing market, New Haven real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Haven appreciation rates continue to be some of the highest in America, at 13.00%, which is higher than appreciation rates in 89.06% 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 Haven. New Haven appreciation rates in the latest quarter were at 3.67%, which equates to an annual appreciation rate of 15.52%.

Importantly, this makes New Haven one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Connecticut, our data show that New Haven's latest annual appreciation rate is higher than 60% 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 Haven differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Haven - 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 Haven real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$258,673

New Haven, CT HOME PRICES

> $1,245,000
0.6%
0.6%
$934,001 - $1,245,000
3.2%
3.2%
$623,001 - $934,000
2.6%
2.6%
$498,001 - $623,000
5.0%
5.0%
$374,001 - $498,000
7.7%
7.7%
$249,001 - $374,000
26.3%
26.3%
$125,001 - $249,000
40.0%
40.0%
$62,001 - $125,000
10.7%
10.7%
$0 - $62,000
3.8%
3.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for CT

Value Relative To Nation

Number Of Homes And Apartments:
49,177

New Haven Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
102.51% 3.34%
10
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,784 / per month

Homeownership Rate

Owners
26.0%
26.0%
Renters
74.0%
74.0%
Vacant
11.7%
11.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.9%
7.9%
1970 - 1999
17.7%
17.7%
1940 - 1969
26.6%
26.6%
1939 or Older
47.7%
47.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
19.4%
19.4%
Townhomes
3.9%
3.9%
Small Apt. Buildings
42.6%
42.6%
Apt. Complexes
33.9%
33.9%
Mobile Homes
0.0%
0.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.0%
6.0%
1 Bedroom
21.5%
21.5%
2 Bedrooms
37.2%
37.2%
3 Bedrooms
25.0%
25.0%
4 Bedrooms
7.1%
7.1%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES