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 about Scout's Real Estate Data
With a population of 14,317, 5,920 total housing units (homes and apartments), and a median house value of $459,597, Cromwell real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Cromwell, accounting for 55.26% of the town's housing units. Other types of housing that are prevalent in Cromwell include large apartment complexes or high rise apartments ( 18.27%), row houses and other attached homes ( 17.17%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.30%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cromwell. Owner-occupied housing accounts for 74.24% of Cromwell's homes, and 54.80% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Cromwell 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 Cromwell built between 1940-1969 ( 21.25%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.54%). There's also some housing in Cromwell built before 1939 ( 13.65%).
Cromwell's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cromwell during the period has been just 5.34%, which is lower than 70% of US communities.
Appreciation rates are so strong in Cromwell that despite a nationwide downturn in the housing market, Cromwell real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cromwell appreciation rates continue to be some of the highest in America, at 10.25%, which is higher than appreciation rates in 88.47% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cromwell. Cromwell appreciation rates in the latest quarter were at 2.73%, which equates to an annual appreciation rate of 11.36%.
Relative to Connecticut, our data show that Cromwell's latest annual appreciation rate is higher than 70% of the other cities and towns in Connecticut.
$459,597
for Connecticut
for nation
5,920
$2,397 / per month