New London, Connecticut Housing Market Prices
New London Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 86% above the Connecticut median$521,825
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Median rent 7% below the Connecticut median$1,380
Housing Market Overview
| Metric | New London | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $521,825 | $281,244 | $248,835 |
| Price Trend (Annual %) | 18.2% | 3.6% | 7.5% |
| Median Gross Rent | $1,380 | $1,481 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New London is about 86% higher than in Connecticut. Rent is about 7% lower than the Connecticut average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in New London, up about 18.2% and 6.3% a year respectively. Home prices are changing faster.
Median rent in New London rose about 67.3% between 2015 and 2024, from $825 to $1,380. Over the same span, rent in Connecticut rose about 36.7%.
Affordability
On average, housing unit costs 8.8 yearly household incomes in New London.
Buying the median-priced home in New London costs roughly 31.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in New London. The price-to-rent ratio in Connecticut is about 15.8.
| Metric | New London | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $521,825 | $281,244 | $248,835 |
| Median Household Income | $59,184 | $97,098 | $80,455 |
| Price-to-Income Ratio | 8.8 | 2.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New London rose about 340.5%, while median household income rose about 29.4% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | New London | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 33.4% | 62.8% | 58.5% |
| Rental Rate | 59.2% | 30.3% | 31.2% |
| Vacancy Rate | 7.4% | 6.9% | 10.2% |
| Median Tenure (years) | 10.0 | 16.0 | 15.0 |
| Median Year Moved In | 2016 | 2010 | 2011 |
New London has a homeownership rate of 33.4%, lower than the Connecticut average of 62.8%. Its housing vacancy rate is 7.4%, compared with 6.9% in Connecticut.
Housing Stock
| Metric | New London | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.04 people | 2.47 people | 2.53 people |
| Median Structure Built Year | 1952 | 1966 | 1978 |
| Median Number of Rooms | 4.6 | 5.7 | 5.5 |
The typical housing unit in New London was built around 1952. On average, 2.0 people live in a home with about 4.6 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New London, Connecticut.
What is the median home price in New London, Connecticut?
The median home price in New London, Connecticut is $521,825, higher than the Connecticut average of $281,244.
What is the average home price in New London, Connecticut?
The typical home price in New London, Connecticut, reported as the median sale price, is $521,825. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in New London, Connecticut?
The median gross rent in New London, Connecticut is $1,380 per month, lower than the Connecticut average of $1,481.
What was the median gross rent in New London in 2020?
In 2020, the median gross rent in New London, Connecticut was $943 per month.
What is the price-to-rent ratio in New London, Connecticut?
The price-to-rent ratio in New London, Connecticut is about 31.5, meaning it would take roughly 31.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in New London.
Are home prices or rent rising faster in New London, Connecticut?
Both home prices and rent are rising in New London, up about 18.2% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in New London, Connecticut?
33.4% of households in New London, Connecticut own their home, lower than the Connecticut average of 62.8%.
What is the vacancy rate in New London, Connecticut?
The housing vacancy rate in New London, Connecticut is 7.4%, higher than the Connecticut average of 6.9%.
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