Old Lyme, CT Housing Market Trends
With 7,696 people, 3,089 houses or apartments, and a median cost of homes of $643,453, real estate costs in Old Lyme are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Connecticut communities.
Single-family detached homes are the single most common housing type in Old Lyme, accounting for 90.19% 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 ( 6.76%), mobile homes or trailers ( 2.04%).
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 88.50% of Old Lyme's homes, and 72.59% 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 35.84% of the town's housing hails from this era. Other housing ages represented in Old Lyme include homes built between 1970-1999 ( 33.68%) and housing constructed before 1939 ( 20.76%). There's also some housing in Old Lyme built between 2000 and later ( 9.72%).
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 Home Appreciation Rates
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 5.68%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Old Lyme's appreciation rate, at 7.35%, has been at or slightly above the national average. In the latest quarter, Old Lyme's appreciation rate has been 0.42%, which annualizes to a rate of 1.68%.
Relative to Connecticut, our data show that Old Lyme's latest annual appreciation rate is lower than 80% of the other cities and towns in Connecticut.
Median Home Value
$643,453
High
for Connecticut
Very High
for nation
Number of Homes And Apartments:
3,089
CT
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$3,590 / per month