Norwich-New London, CT

The Norwich-New London, CT metropolitan statistical area (MSA) is located in the southeastern corner of Connecticut. The MSA includes New London County and Windham County. According to the 2010 census, the MSA has a population of 274,055.

The Norwich-New London MSA is a part of the larger Hartford-West Hartford-East Hartford, CT metropolitan statistical area (MSA). The Hartford-West Hartford-East Hartford MSA has a population of 1,212,381 and includes all of Connecticut's counties except for Fairfield County.

The median home value in the Norwich-New London MSA was $206,900 in 2017, according to Zillow.com. Home values have increased by 2% over the past year and are expected to rise by another 2% in 2018. The median rent price in the Norwich-New London MSA was $1,595 in 2017. Rent prices have increased by 3% over the past year and are expected to rise by another 3% in 2018.

There are several reasons for the recent increases in home values and rents in the Norwich-New London MSA. One reason is that there has been an increase in demand for housing due to population growth. Between 2010 and 2017, the population of the Norwich-New London MSA grew by 4%. This population growth is due to both natural increases (more births than deaths) and net migration (more people moving into the area than moving out). The population growth has led to an increase in demand for housing which has put upward pressure on prices.

Another reason for rising home values and rents is that there has been a decrease in supply of housing relative to demand. There are several factors that have contributed to this decrease in supply including: 1) a decrease in new construction starts; 2) an increasein demolitions/teardowns; 3) little or no changein existing home inventory levels; 4) an aging housing stock; 5) longer holding periods for existing homeowners; 6) difficulty obtaining financingfor potential buyers/renters; 7) stricter zoning regulations; 8 ) NIMBYism(not In My Backyardism); 9) limited land availability; 10) environmental concerns/restrictions; 11 ) infrastructure constraints; 12 ) skilled labor shortagesand 13 ) material cost increases(e .g., lumber). All of these factors have contributed to decreasesin both rental vacancy ratesand homeowner vacancy rateswhich have put upward pressure on prices