New London, 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

New London, CT Housing Market Trends

With a population of 26,858, 10,732 total housing units (homes and apartments), and a median house value of $212,203, 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 33.32% 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 ( 32.72%), single-family detached homes ( 30.98%), and a few row houses and other attached homes ( 2.70%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

New London is dominated by renter-occupied one, two, or no bedrooms apartments. 68.46% of New London's dwellings are rentals.

The housing in New London was primarily built before 1939 ( 52.20%), 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 ( 23.48%), followed by between 1970-1999 ( 21.02%). There's also some housing in New London built between 2000 and later ( 3.29%).

Vacant housing appears to be an issue in New London. Fully 12.09% 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

Some of the lowest real estate appreciation rates in America over the last ten years have been in New London, where house values have increased just 17.00%, which is annualized rate of 1.58%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 15.44%, which is higher than appreciation rates in 96.30% 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 5.58%, which equates to an annual appreciation rate of 24.24%.

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 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 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:
$212,203

New London, CT HOME PRICES

> $1,291,000
0.9%
0.9%
$968,001 - $1,291,000
0.2%
0.2%
$645,001 - $968,000
1.3%
1.3%
$516,001 - $645,000
1.7%
1.7%
$387,001 - $516,000
6.3%
6.3%
$258,001 - $387,000
22.6%
22.6%
$129,001 - $258,000
59.0%
59.0%
$64,001 - $129,000
6.3%
6.3%
$0 - $64,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for CT

Value Relative To Nation

Number Of Homes And Apartments:
10,732

New London 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
52.20% 1.97%
4
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,403 / per month

Homeownership Rate

Owners
31.5%
31.5%
Renters
68.5%
68.5%
Vacant
12.1%
12.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.3%
3.3%
1970 - 1999
21.0%
21.0%
1940 - 1969
23.5%
23.5%
1939 or Older
52.2%
52.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
31.0%
31.0%
Townhomes
2.7%
2.7%
Small Apt. Buildings
32.7%
32.7%
Apt. Complexes
33.3%
33.3%
Mobile Homes
0.0%
0.0%
Other
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.8%
4.8%
1 Bedroom
23.6%
23.6%
2 Bedrooms
31.8%
31.8%
3 Bedrooms
27.1%
27.1%
4 Bedrooms
8.9%
8.9%
5 or more bedrooms
3.8%
3.8%
0.0% 100.0%
% OF HOMES