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
With 7,521 people, 3,145 houses or apartments, and a median cost of homes of $407,516, Old Lyme house prices are not only among the most expensive in Connecticut, Old Lyme real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Old Lyme, accounting for 90.67% of the town's housing units. Other types of housing that are prevalent in Old Lyme include duplexes, homes converted to apartments or other small apartment buildings ( 6.68%), large apartment complexes or high rise apartments ( 1.39%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Old Lyme. Owner-occupied housing accounts for 81.28% of Old Lyme's homes, and 62.39% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Old Lyme's housing was primarily built during this period, from the '40s through the '60s. A full 38.66% of the town's housing hails from this era. Other housing ages represented in Old Lyme include homes built between 1970-1999 ( 33.54%) and housing constructed before 1939 ( 23.52%). There's also some housing in Old Lyme built between 2000 and later ( 4.28%).
A decent proportion of the Old Lyme housing stock is seasonally occupied. That is, homes and condos in Old Lyme are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Old Lyme housing market speaks to its popularity as a vacation location of choice.
Old Lyme's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Old Lyme during the period has been just -1.89%, which is lower than 80% of US communities.
Over the last year, Old Lyme appreciation rates have trailed the rest of the nation. In the last twelve months, Old Lyme's appreciation rate has been -0.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Old Lyme were at -1.34%, which equates to an annual appreciation rate of -5.24%.
Notably, Old Lyme's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Connecticut, our data show that Old Lyme's latest annual appreciation rate is lower than 50% of the other cities and towns in Connecticut.
|$752,001 - $1,003,000||3.2|
|$501,001 - $752,000||24.5|
|$401,001 - $501,000||17.4|
|$301,001 - $401,000||21.9|
|$200,001 - $301,000||18.1|
|$100,001 - $200,000||8.6|
|$50,001 - $100,000||0.0|
|$0 - $50,000||2.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Old Lyme HOMES|
|2000 or Newer||4.3|
|1970 - 1999||33.5|
|1940 - 1969||38.7|
|1939 or Older||23.5|
|TYPE OF Old Lyme HOMES|
|Small Apt. Buildings||6.7|
|SIZE OF Old Lyme HOMES|
|5 or more bedrooms||2.67|