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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 26,858 people, 10,732 houses or apartments, and a median cost of homes of $189,708, 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 33.32% of the city's housing units. Other types of housing that are prevalent in New London include duplexes, homes converted to apartments or other small apartment buildings ( 32.72%), single-family detached homes ( 30.98%), and a few row houses and other attached homes ( 2.70%). 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 London is dominated by renter-occupied one, two, or no bedrooms apartments. 68.46% of New London's dwellings are rentals.
The housing in New London was primarily built before 1939 ( 52.20%), 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 ( 23.48%), followed by between 1970-1999 ( 21.02%). There's also some housing in New London built between 2000 and later ( 3.29%).
Vacant housing appears to be an issue in New London. Fully 12.09% 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.
Homes have actually lost value in New London over the last then years, as home values have seen a decline of 2.72% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows New London home appreciation rates at 2.31%, which equates to an annual appreciation rate of 9.55%.
NeighborhoodScout's data show that during the latest twelve months, New London's appreciation rate, at 5.66%, has been at or slightly above the national average. In the latest quarter, New London's appreciation rate has been 2.31%, which annualizes to a rate of 9.55%.
Relative to Connecticut, our data show that New London'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 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 for Nation
Very Low for CT
