Is New London, 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 has remained a Seller's Market.
Key Takeaway
New London is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in New London, CT
How much do homes in New London, CT cost?
Median Sold Price
$271,500
$167/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in New London have sold for 9% more than they did a year ago.
Summary: The median home sold price in New London was $271,500 in May 2024, up 9% from last year, and the median price per square foot was $167.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $124K | $140K | +12.9% |
| 2 Bedrooms | $215K | $236K | +9.8% |
| 3 Bedrooms | $265K | $270K | +1.9% |
| 4 Bedrooms | $250K | $295K | +18.0% |
| 5+ Bedrooms | $285K | $340K | +19.3% |
Summary: New London housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.9%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 18%, and 5+ bedroom homes increased by 19.3%.
Housing Supply in New London, CT
How many homes are available in New London, CT?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 63 | 52 | -17.5% |
Summary: The New London real estate market had 52 homes for sale in May 2024, a 17.5% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 19 | 13 | -31.6% |
| 3 Bedrooms | 15 | 16 | +6.7% |
| 4 Bedrooms | 10 | 10 | 0.0% |
| 5+ Bedrooms | 17 | 11 | -35.3% |
Summary: The New London housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 31.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 35.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 14 | -26.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New London, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in New London in May 2024, down by 26.3% month-over-month. Of the 14 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% were sold over asking.
Days on Market for New London, CT
We’re sorry, we don't have information for this market at the moment
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