Cromwell, CT—06416
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cromwell, CT
As of Oct '25, the median home price in Cromwell, CT is $361,000, with a year-over-year change of 5.4%. This indicates that home prices in Cromwell, CT are increasing. According to Zillow, the 1-year price projection is 2.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $361,000 | 5.4% |
| Single Family | $441,000 | 5.3% |
| Condos | $255,000 | 4.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $170,000 | 2.4% |
2 Bed | $255,000 | 4.1% |
3 Bed | $407,000 | 4.9% |
4 Bed | $563,000 | 5.8% |
| 5 Bed | $606,000 | 6.5% |
% of Housing Stock
Rental Trends — Cromwell, CT
As of July '25, Rentcast reports the average rent in Cromwell, CT is $2,390, with a year-over-year rent change of -0.4%. Per bedroom, the median rent as of July '25 in Cromwell, CT is 1-bedrooms: $1,710, 2-bedrooms: $1,880, 3-bedrooms: $3,250, 4-bedrooms: $5,250. The most common rental property sizes in Cromwell, CT are 2-bedroom and 1-bedroom, accounting for 42.3% and 40.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,100 | $2,390 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,710 |
| 2 Bed Rent | $1,900 | $1,880 |
| 3 Bed Rent | $2,750 | $3,250 |
| 4 Bed Rent | $5,250 | $5,250 |
% of Rental Stock
Property Listings — Cromwell, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in Cromwell, CT is 39. This is a increase of 24.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $329,000 | -28.0% |
Listing Count | 44 | -26.0% |
| Listings as % of Homes | 0.6% | -26.0% |
Days on Market | 39 | 24.0% |
Demographics — Cromwell, CT
As of the latest ACS Survey released in 2023, Cromwell, CT has a population of 14,300, which has increased by 2.3% over the past 5 years. Cromwell, CT is a moderately popular place for families, as children make up 18.8% of the population. The area has a highly educated workforce, with 45.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,300 | 2.3% |
% Under 18 | 18.8% | -9.6% |
% Seniors | 22.8% | 26.0% |
% WFH | 16.7% | 263.0% |
% w/ College Degree | 45.6% | -3.2% |
As of the latest ACS Survey released in 2023, Cromwell, CT is a predominantly white area, with 74.5% of the population identifying as white. The white population has shrunk by 6.6% in the last 5 years. The second most common race or ethnicity in Cromwell, CT is hispanic, making up 8.8% of the population. Foreign-born residents account for 9.9% of the population in Cromwell, CT, and this percentage has increased by 26.9% 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 | 74.5% | -6.6% |
% Black | 5.5% | -12.7% |
% Hispanic | 8.8% | -10.2% |
% Asian | 6.1% | 90.6% |
% Foreign Born | 9.9% | 26.9% |
Mortgage and Risk — Cromwell, CT
According to HUD data as of 2023, there were 324 mortgage originations in Cromwell, CT, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Cromwell, CT. Investor activity is low, as 1.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 324 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Cromwell, CT
As of 2024, the percent of homes in Cromwell, CT under the Section 8 program is 3.2%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Cromwell, CT, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 36 |
Total Units Section 8 | 36 |
% Rentals under Section 8 | 3.2% |
% Occupied Section 8 | 86.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $380 | $1,000 | $1,380 |
| 2 Bedroom | -$150 | $1,900 | $1,750 |
| 3 Bedroom | -$640 | $2,750 | $2,110 |
| 4 Bedroom | -$2,750 | $5,250 | $2,500 |
Affordability — Cromwell, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $361,000 |
| Median Household Income | $104,000 |