New London, 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 Q4 2020. 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 London, CT Housing Market Trends

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.

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 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 Home Values

 

Median Home Value:
$189,708

New London, CT HOME PRICES

> $1,154,000
0.9%
0.9%
$865,001 - $1,154,000
0.2%
0.2%
$577,001 - $865,000
1.3%
1.3%
$462,001 - $577,000
1.7%
1.7%
$346,001 - $462,000
6.3%
6.3%
$230,001 - $346,000
22.6%
22.6%
$115,001 - $230,000
59.0%
59.0%
$58,001 - $115,000
6.3%
6.3%
$0 - $58,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for CT

Value Relative To Nation

Number Of Homes And Apartments:
10,732

New London Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
35.68% 1.46%
3
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,279 / per month

Homeownership Rate

Owners
31.5%
31.5%
Renters
68.5%
68.5%
Vacant
12.1%
12.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.3%
3.3%
1970 - 1999
21.0%
21.0%
1940 - 1969
23.5%
23.5%
1939 or Older
52.2%
52.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
31.0%
31.0%
Townhomes
2.7%
2.7%
Small Apt. Buildings
32.7%
32.7%
Apt. Complexes
33.3%
33.3%
Mobile Homes
0.0%
0.0%
Other
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.8%
4.8%
1 Bedroom
23.6%
23.6%
2 Bedrooms
31.8%
31.8%
3 Bedrooms
27.1%
27.1%
4 Bedrooms
8.9%
8.9%
5 or more bedrooms
3.8%
3.8%
0.0% 100.0%
% OF HOMES