The housing market in Norwich-New London, CT Metro Area is quite strong. The median value of houses in this area is currently $320,100, which is slightly lower than the US House Median Value of $338,100. However, the US 1 year House Appreciation rate of 8.27% is surpassed in Norwich-New London by 10.54%. This indicates that the cost of properties in this location is expected to increase at a higher rate than the national average over the next year. With such strong appreciation rates and a relatively high median value of houses, it's no wonder why many people are looking to invest in real estate in Norwich-New London, CT Metro Area.
The median home cost in Norwich-New London Metro Area is $320,100. Home appreciation the last 10 years has been 57.2%. Home Appreciation in Norwich-New London Metro Area is up 13.3%.
Average Age of Homes
- The median age of Norwich-New London Metro Area real estate is 50 years old
The Rental Market in Norwich-New London Metro Area
- Renters make up 29.0% of the Norwich-New London Metro Area population
- 1.4% of houses and apartments in Norwich-New London Metro Area, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.