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 35,563 people, 14,645 houses or apartments, and a median cost of homes of $281,076, Torrington real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, Torrington homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Torrington, accounting for 53.62% of the city's housing units. Other types of housing that are prevalent in Torrington include duplexes, homes converted to apartments or other small apartment buildings ( 27.91%), large apartment complexes or high rise apartments ( 14.18%), and a few row houses and other attached homes ( 3.95%).
People in Torrington primarily live in small (one, two or no bedroom) single-family detached homes. Torrington has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Torrington 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 Torrington built between 1940-1969 ( 29.78%). A lesser amount of the housing stock also hails from before 1939 ( 29.04%). There's also some housing in Torrington built between 2000 and later ( 5.20%).
Vacant housing appears to be an issue in Torrington. Fully 13.45% of the housing stock is classified as vacant. Left unchecked, vacant Torrington homes and apartments can be a drag on the real estate market, holding Torrington 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.
Appreciation rates for homes in Torrington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 91.97%, which ranks in the top 50% nationwide. This equates to an annual average Torrington house appreciation rate of 6.74%.
Appreciation rates are so strong in Torrington that despite a nationwide downturn in the housing market, Torrington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Torrington appreciation rates continue to be some of the highest in America, at 8.53%, which is higher than appreciation rates in 76.02% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Torrington. Torrington appreciation rates in the latest quarter were at -0.51%, which equates to an annual appreciation rate of -2.02%.
Notably, Torrington's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Connecticut, our data show that Torrington's latest annual appreciation rate is lower than 50% 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 Torrington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Torrington - 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 Torrington real estate investment or home purchase decisions.
$281,076
for Connecticut
for nation
14,645
$1,771 / per month