New London, CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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New London, 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 Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

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

New London Housing Market Information

With a population of 26,984, 10,600 total housing units (homes and apartments), and a median house value of $180,976, New London real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, New London homes are still considered rather expensive.

Large apartment complexes or high rise apartments are the single most common housing type in New London, accounting for 36.25% of the city's housing units. Other types of housing that are prevalent in New London include single-family detached homes ( 30.31%), duplexes, homes converted to apartments or other small apartment buildings ( 30.19%), and a few row houses and other attached homes ( 3.03%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

New London is dominated by renter-occupied one, two, or no bedrooms apartments. 71.31% of New London's dwellings are rentals.

The housing in New London was primarily built before 1939 ( 51.27%), making the housing stock in New London some of the oldest overall in America, although there is a range of ages of homes in New London. The next most important housing age is between 1940-1969 ( 25.08%), followed by between 1970-1999 ( 20.08%). There's also some housing in New London built between 2000 and later ( 3.58%).

Vacant housing appears to be an issue in New London. Fully 12.06% of the housing stock is classified as vacant. Left unchecked, vacant New London homes and apartments can be a drag on the real estate market, holding New London 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 London Home Appreciation Rates

Homes have actually lost value in New London over the last then years, as home values have seen a decline of 24.49% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows New London home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, New London appreciation rates have trailed the rest of the nation. In the last twelve months, New London's appreciation rate has been -0.92%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New London were at 0.43%, which equates to an annual appreciation rate of 1.74%.

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

Relative to Connecticut, our data show that New London's latest annual appreciation rate is lower than 80% 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 London differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New London - 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 London real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$180,976

New London, CT HOME PRICES

Value Range
> $1,049,000 0.3
$787,001 - $1,049,000 0.0
$524,001 - $787,000 1.1
$419,001 - $524,000 1.0
$314,001 - $419,000 6.1
$210,001 - $314,000 25.6
$105,001 - $210,000 58.5
$53,001 - $105,000 4.5
$0 - $53,000 3.0

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
43.3343065693431 94.6745562130178

Number Of Homes And Apartments:
10,600

New London Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
23.21% 1.12%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,189 / per month

Homeownership Rate

Homeownership
Owners 28.69
Renters 71.31
Vacant 12.06

Housing Market Details

 

Age of Homes

AGE OF New London HOMES
2000 or Newer 3.6
1970 - 1999 20.1
1940 - 1969 25.1
1939 or Older 51.3

Types of Homes

TYPE OF New London HOMES
Single-Family 30.3
Townhomes 3.0
Small Apt. Buildings 30.2
Apt. Complexes 36.2
Mobile Homes 0.0
Other 0.2

Home Size

SIZE OF New London HOMES
No Bedroom 3.68
1 Bedroom 26.56
2 Bedrooms 31.15
3 Bedrooms 26.56
4 Bedrooms 8.77
5 or more bedrooms 3.29