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 27,980 people, 11,125 houses or apartments, and a median cost of homes of $300,670, 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%).
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 94.51%, which ranks in the top 50% nationwide. This equates to an annual average New London house appreciation rate of 6.88%.
NeighborhoodScout's data show that during the latest twelve months, New London's appreciation rate, at 7.40%, has been at or slightly above the national average. In the latest quarter, New London's appreciation rate has been 1.00%, which annualizes to a rate of 4.07%.
Relative to Connecticut, our data show that New London's latest annual appreciation rate is lower than 60% 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.
$300,670
for Connecticut
for nation
11,125
$2,048 / per month