New London, NC 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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, NC Housing Market Trends

With a population of 607, 243 total housing units (homes and apartments), and a median house value of $184,433, house prices in New London are solidly below the national average.

Single-family detached homes are the single most common housing type in New London, accounting for 95.44% of the town's housing units. Other types of housing that are prevalent in New London include mobile homes or trailers ( 4.56%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in New London. Owner-occupied housing accounts for 71.19% of New London's homes, and 64.56% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. New London's housing was primarily built during this period, from the '40s through the '60s. A full 36.14% of the town's housing hails from this era. Other housing ages represented in New London include homes built between 1970-1999 ( 35.79%) and housing constructed before 1939 ( 21.40%). There's also some housing in New London built between 2000 and later ( 6.67%).

Vacant housing appears to be an issue in New London. Fully 14.74% 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

Real estate appreciation rates in New London's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 4.11% during the period.

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 21.06%, which is higher than appreciation rates in 72.48% 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 8.61%, which equates to an annual appreciation rate of 39.14%.

Importantly, this makes New London one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to North Carolina, our data show that New London's latest annual appreciation rate is lower than 70% of the other cities and towns in North Carolina.

Average Home Values

 

Median Home Value:
$184,433

New London, NC HOME PRICES

> $1,349,000
$1,012,001 - $1,349,000
$674,001 - $1,012,000
$540,001 - $674,000
$405,001 - $540,000
$270,001 - $405,000
$135,001 - $270,000
$67,001 - $135,000
$0 - $67,000
0.8%
0.8%
0.0%
0.0%
0.4%
0.4%
1.0%
1.0%
4.9%
4.9%
14.4%
14.4%
45.2%
45.2%
23.9%
23.9%
9.3%
9.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for NC

Value Relative To Nation

Number Of Homes And Apartments:
243

New London Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
87.12% 2.89%
6
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,191 / per month

Homeownership Rate

Owners
Renters
Vacant
71.2%
71.2%
28.8%
28.8%
14.7%
14.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.7%
6.7%
35.8%
35.8%
36.1%
36.1%
21.4%
21.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
95.4%
95.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
4.6%
4.6%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
3.9%
3.9%
27.0%
27.0%
55.8%
55.8%
8.8%
8.8%
4.6%
4.6%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in New London

Zip Codes in New London, NC