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 Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (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 27,072, 10,984 total housing units (homes and apartments), and a median house value of $189,914, 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 33.22% 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 ( 31.75%), single-family detached homes ( 31.23%), and a few row houses and other attached homes ( 3.53%). 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.

New London is dominated by renter-occupied one, two, or no bedrooms apartments. 68.52% of New London's dwellings are rentals.

The housing in New London was primarily built before 1939 ( 50.80%), 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 ( 25.37%), followed by between 1970-1999 ( 20.97%). There's also some housing in New London built between 2000 and later ( 2.87%).

Vacant housing appears to be an issue in New London. Fully 11.56% 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 16.26% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows New London home appreciation rates at 3.39%, which equates to an annual appreciation rate of 14.27%.

Appreciation rates are so strong in New London that despite a nationwide downturn in the housing market, New London real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New London appreciation rates continue to be some of the highest in America, at 8.21%, which is higher than appreciation rates in 83.39% 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 London. New London appreciation rates in the latest quarter were at 3.39%, which equates to an annual appreciation rate of 14.27%.

Importantly, NeighborhoodScout’s exclusive research found that New London's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Connecticut, our data show that New London'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 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:
$189,914

New London, CT HOME PRICES

Value Range
> $1,155,000 0.9
$867,001 - $1,155,000 0.0
$578,001 - $867,000 2.1
$462,001 - $578,000 1.7
$347,001 - $462,000 6.1
$231,001 - $347,000 25.0
$116,001 - $231,000 53.7
$58,001 - $116,000 7.5
$0 - $58,000 2.9

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
41.0160583941606 92.3076923076923

Number Of Homes And Apartments:
10,984

New London Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
33.16% 1.50%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,177 / per month

Homeownership Rate

Homeownership
Owners 31.48
Renters 68.52
Vacant 11.56

Housing Market Details

 

Age of Homes

AGE OF New London HOMES
2000 or Newer 2.9
1970 - 1999 21.0
1940 - 1969 25.4
1939 or Older 50.8

Types of Homes

TYPE OF New London HOMES
Single-Family 31.2
Townhomes 3.5
Small Apt. Buildings 31.7
Apt. Complexes 33.2
Mobile Homes 0.0
Other 0.3

Home Size

SIZE OF New London HOMES
No Bedroom 4.27
1 Bedroom 24.42
2 Bedrooms 31.51
3 Bedrooms 26.43
4 Bedrooms 10.31
5 or more bedrooms 3.05