Federal Housing Finance Agency Home Price Index (FHFA HPI):
Norwich-New London, CT Federal Housing Finance Agency Home Price Index (FHFA HPI)
Norwich-New London, CT is a Federal Housing Finance Agency home price index that comprises the county of New London County. Its most recent index value is 244.08.
Norwich-New London, CT House Price Index: Real Estate Trends in the Housing Market
The Norwich-New London, CT, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses in the Norwich-New London metropolitan area. The HPI is a broad measure of the movement of single-family house prices and covers both new and existing houses. The index was created to provide a more timely and comprehensive measure of house price changes than other currently available indices.
The FHFA HPI for Norwich-New London shows that home prices in the metro area have increased by 3.4% from the first quarter of 2019 to the first quarter of 2020. This is slightly higher than the national rate of 3.2%. Home prices in Norwich-New London are now about 13% above their pre-recession peak levels, while nationally, home prices are about 11% above their previous peak levels.
The strong housing market in Norwich-New London has been driven by several factors, including low mortgage rates, tight housing inventory, and strong job growth in the region. These trends are expected to continue in 2020, which should support further increases in home prices across the metro area.
Price Index: Norwich-New London, CT
Cities in Norwich-New London, CT
| Name | State | Population |
|---|---|---|
| Norwich | Connecticut | 36,396 |
| Groton | Connecticut | 30,403 |
| New London | Connecticut | 26,999 |
| Colchester | Connecticut | 16,611 |
| Jewett City | Connecticut | 15,877 |
| Waterford | Connecticut | 15,310 |
| Mystic | Connecticut | 12,628 |
| Uncasville | Connecticut | 12,021 |
| Niantic | Connecticut | 11,548 |
| Old Lyme | Connecticut | 9,686 |
Zip codes in Norwich-New London, CT
| Zipcode | Population | Density | Timezone | Latitude | Longitude | City | County | State |
|---|---|---|---|---|---|---|---|---|
| 06389 | 0 | 0 | America/New_York | 41.56420 | -72.12928 | Yantic | New London County | Connecticut |
| 06350 | 47 | 77.8 | America/New_York | 41.64836 | -72.06838 | Hanover | New London County | Connecticut |
| 06353 | 107 | 184.5 | America/New_York | 41.45812 | -72.14108 | Montville | New London County | Connecticut |
| 06336 | 129 | 81.2 | America/New_York | 41.57934 | -72.19505 | Gilman | New London County | Connecticut |
| 06376 | 209 | 805.6 | America/New_York | 41.29418 | -72.25379 | South Lyme | New London County | Connecticut |
| 06254 | 1,778 | 35.2 | America/New_York | 41.61527 | -72.14322 | North Franklin | New London County | Connecticut |
| 06334 | 2,508 | 50 | America/New_York | 41.54433 | -72.17420 | Bozrah | New London County | Connecticut |
| 06380 | 2,816 | 1,138.9 | America/New_York | 41.56548 | -72.05307 | Taftville | New London County | Connecticut |
| 06384 | 2,833 | 28.8 | America/New_York | 41.58138 | -71.83183 | Voluntown | New London County | Connecticut |
| 06330 | 3,220 | 67.9 | America/New_York | 41.64289 | -72.07527 | Baltic | New London County | Connecticut |
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