Is New London, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing New London is a buyer's market

Buyer's
Market

Difference Since May 2023

At the same time last year, New London was a Seller's Market.

Key Takeaway

New London is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in New London, NC

How much do homes in New London, NC cost?

Median Sold Price

$335,100

$238/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$15,100(+4.7%)

Key Takeaway

Homes in New London have sold for 4.7% more than they did a year ago.

Summary: The median home sold price in New London was $335,100 in May 2024, up 4.7% from last year, and the median price per square foot was $238.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $139K$105K
-24.5%
2 $155.7K$180.7K
+16.0%
3 $359.9K$455K
+26.4%
4 $675K$710K
+5.2%
5+ $1.0M$915K
-10.5%

Summary: New London housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 24.5%, 2 bedroom homes increased by 16%, 3 bedroom homes increased by 26.4%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes decreased by 10.5%.

Housing Supply in New London, NC

How many homes are available in New London, NC?

Number of Homes For Sale

Apr 2024May 2024CHANGE
101122+20.8%

Summary: The New London real estate market had 122 homes for sale in May 2024, a 20.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 2023
+15.0%
2 3138
+22.6%
3 3434
0.0%
4 1221
+75.0%
5+ 46
+50.0%

Summary: The New London housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 22.6%, 3 bedroom homes remained the same, 4 bedroom homes increased by 75%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1416+14.3%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in New London, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 16 homes were sold or pending in New London in May 2024, up by 14.3% month-over-month. Of the 16 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.

Days on Market for New London, NC

How long does it take to sell a home in New London, NC?

Average Sale Time

May 2023May 2024CHANGE
40 Days77 Days+91.5%

Summary: Homes in New London had an average of 77 days on market in May 2024, up by 91.5% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in New London are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 16 homes were sold in New London; 50% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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