06340 Housing Market Report January 2025•New London County, Connecticut

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Housing Prices in 06340, CT

How much do homes in 06340, CT cost?

Housing Market Conditions

Is 06340, CT a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

06340 is a Seller's Market

Difference Since January 2024

Since last year, 06340 has remained a Seller's Market.

Insight

06340 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$320,000$231/SqFt
+$45,750
+16.7%

Based on all homes sold in the last 12 months

Insight

Homes in 06340 have sold for 16.7% more than they did a year ago.

Summary: The median home sold price in 06340 was $320,000 in January 2025, up 16.7% from last year, and the median price per square foot was $231.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
06340
+16.7%
06320
+13.2%
06375
+12.9%
06355
-3.8%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$175K$190K
+8.6%
2$219.1K$220K
0.4%
3$309.5K$357.5K
+15.5%
4$390K$405K
+3.8%
5$594.5K$460K
-22.6%

Summary: 06340 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes increased by +8.6%. The home price for 2 bedroom homes increased by 0.4%. The home price for 3 bedroom homes increased by +15.5%. The home price for 4 bedroom homes increased by +3.8%. The home price for 5 bedroom homes decreased by -22.6%.

Housing supply in 06340, CT

How many homes are available in 06340, CT?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
48Last MonthJan 2025
532 months agoDec 2024
-9.4 %
Change MoMDec – Jan

Summary: The 06340 real estate market had 48 homes for sale in Jan 2025, a 9.4 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
14Last MonthJan 2025
272 months agoDec 2024
-48.1 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
134
+33.3%
21514
-6.7%
32823
-17.9%
455
0.0%
522
0.0%

Summary: 06340 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +33.3%. The inventory for 2 bedroom homes decreased by -6.7%. The inventory for 3 bedroom homes decreased by -17.9%. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 06340, CT cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price4 Homes

At Asking Price3 Homes

Under Asking Price7 Homes

Insight

If you're buying a home in 06340, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in 06340 in January 2025, down by 48.1% month-over-month. Of the 14 sold homes, 50% were sold under asking, 21% were sold at asking, and and 29% were sold over asking.

Days on Market for 06340, CT

We’re sorry, we don't have information for this market at the moment.

Home sale times aren’t available for this area.

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Newest Listings in 06340, CT

What homes are available in 06340, CT?

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MLS Disclaimers and Copyright

Based on information from SmartMLS, for the period 02/01/2023 - 02/01/2025

IDXCopyright © 2025 Smart MLS. The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/2/2025, 8:20:53 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.