Is New London County, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, New London County has remained a Seller's Market.
Key Takeaway
New London County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in New London County, CT
How much do homes in New London County, CT cost?
Median Sold Price
$335,028
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in New London County have sold for 10.4% more than they did a year ago.
Summary: The median home sold price in New London County was $335,028 in May 2024, up 10.4% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $141K | $175K | +24.1% |
| 2 Bedrooms | $210K | $240K | +14.3% |
| 3 Bedrooms | $319.6K | $345K | +7.9% |
| 4 Bedrooms | $394.6K | $429.8K | +8.9% |
| 5+ Bedrooms | $329.5K | $370K | +12.3% |
Summary: New London County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.1%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 12.3%.
Median Sold Price Compared To Nearby Counties
| Windham County | $289.1K | $320K | +10.7% |
| Tolland County | $309.9K | $342.7K | +10.6% |
| New London County | $303.5K | $335K | +10.4% |
| Middlesex County | $349.4K | $367.5K | +5.2% |
| Washington County | $554.4K | $561.2K | +1.2% |
Housing Supply in New London County, CT
How many homes are available in New London County, CT?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 853 | 952 | +11.6% |
Summary: The New London County real estate market had 952 homes for sale in May 2024, a 11.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 25 | 23 | -8.0% |
| 2 Bedrooms | 177 | 191 | +7.9% |
| 3 Bedrooms | 372 | 408 | +9.7% |
| 4 Bedrooms | 190 | 226 | +18.9% |
| 5+ Bedrooms | 89 | 104 | +16.9% |
Summary: The New London County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 8%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes increased by 16.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 206 | 234 | +13.6% |
Asking Price vs. Sold Price
75 Homes Were Sold
Under Asking
28 Homes Were Sold
At Asking
131 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New London County, you could pay more than the asking price. 56% of homes here sold above asking price last month.
Summary: A total of 234 homes were sold or pending in New London County in May 2024, up by 13.6% month-over-month. Of the 234 sold homes, 32% were sold under asking, 12% were sold at asking, and 56% were sold over asking.
Days on Market for New London County, CT
How long does it take to sell a home in New London County, CT?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 7 Days | 41 Days | +446.7% |
Summary: Homes in New London County had an average of 41 days on market in May 2024, up by 446.7% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in New London County has remained consistent over time.
Summary: During May 2024, 234 homes were sold in New London County; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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