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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 8,279, 3,481 total housing units (homes and apartments), and a median house value of $529,324, Litchfield real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Litchfield, accounting for 80.80% of the town's housing units. Other types of housing that are prevalent in Litchfield include duplexes, homes converted to apartments or other small apartment buildings ( 9.08%), large apartment complexes or high rise apartments ( 6.30%), and a few row houses and other attached homes ( 3.82%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Litchfield. Owner-occupied housing accounts for 79.94% of Litchfield's homes, and 64.04% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Litchfield 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 Litchfield built between 1940-1969 ( 27.24%). A lesser amount of the housing stock also hails from before 1939 ( 25.79%). There's also some housing in Litchfield built between 2000 and later ( 7.00%).
Vacant housing appears to be an issue in Litchfield. Fully 15.94% of the housing stock is classified as vacant. Left unchecked, vacant Litchfield homes and apartments can be a drag on the real estate market, holding Litchfield 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.
Real estate appreciation rates in Litchfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.08% during the period.
Appreciation rates are so strong in Litchfield that despite a nationwide downturn in the housing market, Litchfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Litchfield appreciation rates continue to be some of the highest in America, at 9.71%, which is higher than appreciation rates in 85.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Litchfield. Litchfield appreciation rates in the latest quarter were at -0.51%, which equates to an annual appreciation rate of -2.02%.
Notably, Litchfield's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Connecticut, our data show that Litchfield's latest annual appreciation rate is higher than 60% of the other cities and towns in Connecticut.
$529,324
for Connecticut
for nation
3,481
$1,929 / per month