New London, CT 06320 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

New London, CT—06320

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$323,000

3.6% YoY Growth

Household Income

$60,200

51.6% YoY Growth

Days on Market

1.0% Shorter YoY

Home Price Forecast

2.9%

Median Rent

$1,650

30.8% YoY Growth

1-Bed Rent

$1,350

N/A

2-Bed Rent

$1,800

N/A

3-Bed Rent

$2,300

11.9% YoY Growth

Home Price Trends — New London, CT

As of May '26, the median home price in New London, CT is $323,000, with a year-over-year change of 3.6%. This indicates that home prices in New London, 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	$323,000	3.6%
Single Family	$343,000	3.3%
Condos	$188,000	2.7%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

10.5%

1 Bedroom

32.0%

2 Bedrooms

39.0%

3 Bedrooms

16.1%

4 Bedrooms

1.6%

5+ Bedrooms

0.7%

Property Listings — New London, CT

As of May '26, Realtor.com reports that the median days on market for a home in New London, CT is 24. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 8.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$350,000	9.0%
Listing Count	49	-8.0%
Listings as % of Homes	0.4%	-8.0%
Days on Market	24	-1.0%

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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%

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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%

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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%

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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

New London, CT—06320

Key Metrics at a Glance

Home Price Trends — New London, CT

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — New London, CT

% of Rental Stock

Property Listings — New London, CT

Demographics — New London, CT

Race and Ethnicity

Mortgage and Risk — New London, CT

Mortgages

Rentals and Section 8 — New London, CT

Section 8 Market Size

Section 8 Opportunity

Affordability — New London, CT

Home Price to Income Ratio

New London, CT — ZIP Code Boundary Map

Nearby ZIP Codes

Waterford, CT

Groton, CT

Waterford, CT

Ledyard, CT

Palmertown, CT

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4
Median Home Price	$323,000
Median Household Income	$60,200

New London, CT—06320

Key Metrics at a Glance

Home Price Trends — New London, CT

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — New London, CT

% of Rental Stock

Property Listings — New London, CT

Demographics — New London, CT

Race and Ethnicity

Mortgage and Risk — New London, CT

Mortgages

Rentals and Section 8 — New London, CT

Section 8 Market Size

Section 8 Opportunity

Affordability — New London, CT

Home Price to Income Ratio

New London, CT — ZIP Code Boundary Map

Nearby ZIP Codes

Waterford, CT

Groton, CT

Waterford, CT

Ledyard, CT

Palmertown, CT

Frequently Asked Questions

What is the average home price in New London, CT 06320?

How have home prices in New London, CT 06320 changed over the past year?

What is the home price projection for New London, CT 06320?

What are the demographics of New London, CT 06320?

How long does it take homes to sell in New London, CT 06320?

What is the average rent price in New London, CT 06320?