New London, CT—06320
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New London, CT
As of Oct '25, the median home price in New London, CT is $305,000, with a year-over-year change of 10.5%. This indicates that home prices in New London, CT are increasing. According to Zillow, the 1-year price projection is 3.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $305,000 | 10.5% |
| Single Family | $323,000 | 9.5% |
| Condos | $185,000 | 9.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $136,000 | 15.3% |
2 Bed | $267,000 | 8.5% |
3 Bed | $315,000 | 9.8% |
4 Bed | $374,000 | 10.0% |
| 5 Bed | $482,000 | 11.8% |
% of Housing Stock
Rental Trends — New London, CT
As of July '25, Rentcast reports the average rent in New London, CT is $1,800, with a year-over-year rent change of -30.8%. Per bedroom, the median rent as of July '25 in New London, CT is studios: $1,210, 1-bedrooms: $1,350, 2-bedrooms: $1,890, 3-bedrooms: $2,290, 4-bedrooms: $3,000. The most common rental property sizes in New London, CT are 2-bedroom and 1-bedroom, accounting for 39.0% and 32.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,650 | $1,800 |
| Studio Rent | $1,200 | $1,210 |
| 1 Bed Rent | $1,350 | $1,350 |
| 2 Bed Rent | $1,800 | $1,890 |
| 3 Bed Rent | $2,300 | $2,290 |
| 4 Bed Rent | $2,800 | $3,000 |
% of Rental Stock
Property Listings — New London, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in New London, CT is 44. This is a increase of 21.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 45.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $346,000 | 6.0% |
Listing Count | 40 | 8.0% |
| Listings as % of Homes | 0.4% | 8.0% |
Days on Market | 44 | 21.0% |
Demographics — New London, CT
As of the latest ACS Survey released in 2023, New London, CT has a population of 27,300, which has remained stable by 0.7% over the past 5 years. New London, CT is a moderately popular place for families, as children make up 17.8% of the population. The area has a moderately educated workforce, with 29.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,300 | 0.7% |
% Under 18 | 17.8% | -3.8% |
% Seniors | 14.4% | 32.1% |
% WFH | 11.1% | 35.4% |
% w/ College Degree | 29.1% | 18.8% |
As of the latest ACS Survey released in 2023, New London, CT is a predominantly white area, with 44.9% of the population identifying as white. The white population has grown by 1.6% in the last 5 years. The second most common race or ethnicity in New London, CT is hispanic, making up 34.4% of the population. Foreign-born residents account for 19.1% of the population in New London, CT, and this percentage has increased by 20.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 44.9% | 1.6% |
% Black | 14.5% | -5.8% |
% Hispanic | 34.4% | -0.6% |
% Asian | 2.6% | 30.0% |
% Foreign Born | 19.1% | 20.9% |
Mortgage and Risk — New London, CT
According to HUD data as of 2023, there were 367 mortgage originations in New London, CT, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in New London, CT. Investor activity is low, as 5.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 367 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — New London, CT
As of 2024, the percent of homes in New London, CT under the Section 8 program is 13.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In New London, CT, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 1,050 |
Total Units Section 8 | 939 |
% Rentals under Section 8 | 13.8% |
% Occupied Section 8 | 94.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$70 | $1,350 | $1,280 |
| 2 Bedroom | -$230 | $1,800 | $1,570 |
| 3 Bedroom | -$260 | $2,300 | $2,040 |
| 4 Bedroom | -$170 | $2,800 | $2,630 |
Affordability — New London, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $305,000 |
| Median Household Income | $60,200 |