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 a population of 27,980, 11,138 total housing units (homes and apartments), and a median house value of $256,279, 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 32.82% 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 ( 31.76%), single-family detached homes ( 31.47%), and a few row houses and other attached homes ( 3.95%). 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. 67.25% of New London's dwellings are rentals.
The housing in New London was primarily built before 1939 ( 49.52%), 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 ( 27.14%), followed by between 1970-1999 ( 18.01%). There's also some housing in New London built between 2000 and later ( 5.34%).
Real estate appreciation rates in New London's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.85% during the period.
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 9.37%, which is higher than appreciation rates in 93.85% 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 0.85%, which equates to an annual appreciation rate of 3.45%.
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 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.
$256,279
for Connecticut
for nation
11,138
$2,101 / per month