Groton, 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 Q2 2021. 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

Groton, CT Housing Market Trends

With a population of 29,018, 15,958 total housing units (homes and apartments), and a median house value of $271,927, Groton real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Groton, accounting for 45.77% of the town's housing units. Other types of housing that are prevalent in Groton include large apartment complexes or high rise apartments ( 23.75%), duplexes, homes converted to apartments or other small apartment buildings ( 17.22%), and a few row houses and other attached homes ( 9.14%).

People in Groton primarily live in small (one, two or no bedroom) single-family detached homes. Groton has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Groton built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Groton built between 1940-1969 ( 30.44%). A lesser amount of the housing stock also hails from before 1939 ( 14.65%). There's also some housing in Groton built between 2000 and later ( 13.06%).

Vacant housing appears to be an issue in Groton. Fully 11.25% of the housing stock is classified as vacant. Left unchecked, vacant Groton homes and apartments can be a drag on the real estate market, holding Groton 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.

Groton Home Appreciation Rates

Groton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Groton during the period has been just 2.43%, which is lower than 70% of US communities.

Appreciation rates are so strong in Groton that despite a nationwide downturn in the housing market, Groton real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Groton appreciation rates continue to be some of the highest in America, at 14.98%, which is higher than appreciation rates in 95.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Groton. Groton appreciation rates in the latest quarter were at 5.52%, which equates to an annual appreciation rate of 23.98%.

Importantly, NeighborhoodScout’s exclusive research found that Groton'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 Groton's latest annual appreciation rate is higher than 80% 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 town. Individual neighborhoods within Groton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Groton - 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 Groton real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$271,927

Groton, CT HOME PRICES

> $1,246,000
1.6%
1.6%
$935,001 - $1,246,000
2.3%
2.3%
$623,001 - $935,000
5.7%
5.7%
$499,001 - $623,000
6.0%
6.0%
$374,001 - $499,000
11.5%
11.5%
$250,001 - $374,000
29.1%
29.1%
$124,001 - $250,000
32.6%
32.6%
$63,001 - $124,000
3.5%
3.5%
$0 - $63,000
7.8%
7.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for CT

Value Relative To Nation

Number Of Homes And Apartments:
15,958

Groton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
72.78% 2.58%
9
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,864 / per month

Homeownership Rate

Owners
44.6%
44.6%
Renters
55.4%
55.4%
Vacant
11.3%
11.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.1%
13.1%
1970 - 1999
41.8%
41.8%
1940 - 1969
30.4%
30.4%
1939 or Older
14.7%
14.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
45.8%
45.8%
Townhomes
9.1%
9.1%
Small Apt. Buildings
17.2%
17.2%
Apt. Complexes
23.8%
23.8%
Mobile Homes
4.1%
4.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
16.3%
16.3%
2 Bedrooms
30.7%
30.7%
3 Bedrooms
36.1%
36.1%
4 Bedrooms
12.4%
12.4%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES