Groton, CT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Groton, CT Housing Market Trends

With 29,018 people, 15,958 houses or apartments, and a median cost of homes of $254,823, Groton real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Groton, accounting for 45.77% of the town's housing units. Other types of housing that are prevalent in Groton include large apartment complexes or high rise apartments ( 23.75%), duplexes, homes converted to apartments or other small apartment buildings ( 17.22%), and a few row houses and other attached homes ( 9.14%).

People in Groton primarily live in small (one, two or no bedroom) single-family detached homes. Groton has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Groton built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Groton built between 1940-1969 ( 30.44%). A lesser amount of the housing stock also hails from before 1939 ( 14.65%). There's also some housing in Groton built between 2000 and later ( 13.06%).

Vacant housing appears to be an issue in Groton. Fully 11.25% of the housing stock is classified as vacant. Left unchecked, vacant Groton homes and apartments can be a drag on the real estate market, holding Groton real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Groton Home Appreciation Rates

Groton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Groton during the period has been just 1.42%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Groton's appreciation rate, at 7.54%, has been at or slightly above the national average. In the latest quarter, Groton's appreciation rate has been 2.43%, which annualizes to a rate of 10.07%.

Relative to Connecticut, our data show that Groton's latest annual appreciation rate is lower than 60% of the other cities and towns in Connecticut.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Groton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Groton - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Groton real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$254,823

Groton, CT HOME PRICES

> $1,168,000
1.6%
1.6%
$875,001 - $1,168,000
2.3%
2.3%
$584,001 - $875,000
5.7%
5.7%
$467,001 - $584,000
6.0%
6.0%
$350,001 - $467,000
11.5%
11.5%
$234,001 - $350,000
29.1%
29.1%
$117,001 - $234,000
32.6%
32.6%
$59,001 - $117,000
3.5%
3.5%
$0 - $59,000
7.8%
7.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for CT

Value Relative To Nation

Number Of Homes And Apartments:
15,958

Groton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
61.87% 2.29%
8
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,703 / per month

Homeownership Rate

Owners
44.6%
44.6%
Renters
55.4%
55.4%
Vacant
11.3%
11.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.1%
13.1%
1970 - 1999
41.8%
41.8%
1940 - 1969
30.4%
30.4%
1939 or Older
14.7%
14.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
45.8%
45.8%
Townhomes
9.1%
9.1%
Small Apt. Buildings
17.2%
17.2%
Apt. Complexes
23.8%
23.8%
Mobile Homes
4.1%
4.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
16.3%
16.3%
2 Bedrooms
30.7%
30.7%
3 Bedrooms
36.1%
36.1%
4 Bedrooms
12.4%
12.4%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES