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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Old Lyme, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Old Lyme, CT Housing Market Trends

With 7,684 people, 3,057 houses or apartments, and a median cost of homes of $616,789, 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 87.02% 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 ( 8.61%), mobile homes or trailers ( 2.62%).

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 84.89% of Old Lyme's homes, and 71.93% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Old Lyme 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 Old Lyme built between 1940-1969 ( 31.06%). A lesser amount of the housing stock also hails from before 1939 ( 24.76%). There's also some housing in Old Lyme built between 2000 and later ( 9.28%).

Vacant housing appears to be an issue in Old Lyme. Fully 32.65% of the housing stock is classified as vacant. Left unchecked, vacant Old Lyme homes and apartments can be a drag on the real estate market, holding Old Lyme 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.

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 4.71%, which is lower than 80% of US communities.

Appreciation rates are so strong in Old Lyme that despite a nationwide downturn in the housing market, Old Lyme real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Old Lyme appreciation rates continue to be some of the highest in America, at 10.23%, which is higher than appreciation rates in 95.61% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Old Lyme. Old Lyme appreciation rates in the latest quarter were at 1.96%, which equates to an annual appreciation rate of 8.07%.

Relative to Connecticut, our data show that Old Lyme's latest annual appreciation rate is higher than 80% of the other cities and towns in Connecticut.

Average Home Values

Median Home Value

$616,789

Old Lyme, CT Home Prices
> $1,384,000
$1,038,001 - $1,384,000
$692,001 - $1,038,000
$554,001 - $692,000
$415,001 - $554,000
$277,001 - $415,000
$138,001 - $277,000
$70,001 - $138,000
$0 - $70,000
5.7%
5.7%
8.0%
8.0%
23.1%
23.1%
22.7%
22.7%
25.4%
25.4%
9.7%
9.7%
2.1%
2.1%
2.4%
2.4%
1.1%
1.1%
0% 100.0%
% of Homes
Very High

for Connecticut

Very High

for nation

Number of Homes And Apartments:

3,057

Old Lyme Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,059 / per month

Homeownership Rate

Owners
Renters
84.9%
84.9%
15.1%
15.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
32.7%
32.7%
67.3%
67.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.3%
9.3%
34.9%
34.9%
31.1%
31.1%
24.8%
24.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
87.0%
87.0%
0.9%
0.9%
8.6%
8.6%
0.8%
0.8%
2.6%
2.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.3%
0.3%
5.1%
5.1%
17.8%
17.8%
39.0%
39.0%
32.9%
32.9%
4.9%
4.9%
0% 100.0%
% of Homes