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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.



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 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

New London, CT Housing Market Trends

With a population of 27,980, 11,125 total housing units (homes and apartments), and a median house value of $281,881, 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.

Single-family detached homes are the single most common housing type in New London, accounting for 33.50% of the city's housing units. Other types of housing that are prevalent in New London include large apartment complexes or high rise apartments ( 32.98%), duplexes, homes converted to apartments or other small apartment buildings ( 29.28%), and a few row houses and other attached homes ( 3.83%).

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

The housing in New London was primarily built before 1939 ( 48.46%), 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 ( 29.10%), followed by between 1970-1999 ( 17.26%). There's also some housing in New London built between 2000 and later ( 5.18%).

New London Home Appreciation Rates

Appreciation rates for homes in New London have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 84.40%, which ranks in the top 50% nationwide. This equates to an annual average New London house appreciation rate of 6.31%.

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 10.23%, 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 New London. New London 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 New London's latest annual appreciation rate is higher than 70% 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

$281,881

New London, CT Home Prices
> $1,429,000
$1,072,001 - $1,429,000
$715,001 - $1,072,000
$572,001 - $715,000
$429,001 - $572,000
$286,001 - $429,000
$143,001 - $286,000
$72,001 - $143,000
$0 - $72,000
0.1%
0.1%
0.3%
0.3%
1.8%
1.8%
4.5%
4.5%
10.8%
10.8%
34.1%
34.1%
40.4%
40.4%
5.4%
5.4%
2.7%
2.7%
0% 100.0%
% of Homes
Very Low

for Connecticut

Average

for nation

Number of Homes And Apartments:

11,125

New London Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,986 / per month

Homeownership Rate

Owners
Renters
35.2%
35.2%
64.8%
64.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.1%
9.1%
90.9%
90.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.2%
5.2%
17.3%
17.3%
29.1%
29.1%
48.5%
48.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
33.5%
33.5%
3.8%
3.8%
29.3%
29.3%
33.0%
33.0%
0.4%
0.4%
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
7.1%
7.1%
19.4%
19.4%
34.6%
34.6%
26.7%
26.7%
10.1%
10.1%
2.0%
2.0%
0% 100.0%
% of Homes