The story of this market
The typical home in ZIP 06420 sells for about $480,000, or $235 per square foot.
Prices are up +3.2% from a year ago, so sellers still have some momentum. Homes take about 24 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,440 a month.
ZIP 06420 — Salem
The housing market in 06420 is currently balanced, with moderate price growth and low inventory levels. Demand remains steady among local buyers, though the limited supply of homes keeps the market from overheating.
This ZIP is best suited for families and professionals seeking a quiet, rural-suburban lifestyle with access to the Norwich-New London employment core, rather than investors looking for high-yield rental opportunities.
Median prices moved up 3.2% year over year.
Homes spend a median of 24 days on market with 3.0 months of supply — a fast-moving market.
7% of listings have cut prices · homes sell at 99.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.1% · poverty 6.1% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 06420, New London County, CT
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in Salem are generally low, reflecting a quiet, rural-suburban character that compares favorably to more urbanized centers within New London County.
Schools serving the area are generally well-regarded, with local educational institutions benefiting from the stable, family-oriented demographic profile of the community.
The area faces standard New England climate risks, including seasonal winter storms and potential for localized flooding, though it is not considered a high-risk zone for major catastrophic events.
Economic momentum is driven by proximity to the Norwich-New London employment corridor, with local development focused on maintaining the town's rural character while supporting residential growth.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Connecticut) — Municipal Real Property Tax Assessment & Mill Rate Mechanics: Under C.G.S. § 12-62a, all taxable real property is assessed uniformly at a mandatory 70% assessment ratio of its fair market value (FMV). Real property tax is computed annually using the formula: Assessed Value = Fair Market Value × 0.
Residents typically rely on personal vehicles for commuting, with access to major regional employment hubs in Norwich and New London via state routes.
The area offers access to outdoor amenities including local parks, hiking trails, and proximity to regional lakes, providing a quiet, nature-focused lifestyle.
The rental market is limited in depth, characterized by low vacancy pressure and a reliance on single-family home rentals rather than large-scale apartment complexes.
The local economy is anchored by the broader Norwich-New London metro area, which features a mix of healthcare, defense, and education sectors.
Transportation is primarily highway-dependent, with limited public transit options available for daily commuting to regional employment centers.
Development is largely constrained by local zoning aimed at preserving the town's rural aesthetic and environmental resources.
Parcels are subject to municipal property taxes and regional school district levies typical of Connecticut towns.
Property insurance markets remain stable, though premiums are influenced by regional exposure to coastal storm risks.
Data retrieved from US Census Bureau ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Great Wolf Lodge | Mashantucket, CT3.815.9 mi
- Ocean Beach Park4.415.2 mi
- Supercharged Indoor Karting and Axe Throwing4.45.5 mi
- The Dinosaur Place4.44.7 mi
- Nature's Art Village4.54.7 mi
- Mohegan Sun4.58.8 mi
- Foxwoods Resort Casino4.315.6 mi
- Mohegan Sun Arena4.68.8 mi
- Water's Edge Resort & Spa4.217.5 mi
- Supercharged Indoor Karting and Axe Throwing4.45.5 mi
- Gillette Castle State Park4.710 mi
- Rocky Neck State Park4.612.4 mi
- Essex Steam Train & Riverboat4.712.5 mi
- Supercharged Indoor Karting and Axe Throwing4.45.5 mi
- Devil's Hopyard State Park4.74.3 mi
- Mystic Seaport Museum4.617.9 mi
- Gillette Castle State Park4.710 mi
- Essex Steam Train & Riverboat4.712.5 mi
- B.F. Clyde's Cider Mill4.617.2 mi
- Mashantucket Pequot Museum & Research Center4.715.5 mi
- Gillette Castle State Park4.710 mi
- Rocky Neck State Park4.612.4 mi
- Devil's Hopyard State Park4.74.3 mi
- The Dinosaur Place4.44.7 mi
- Niantic Boardwalk4.712.4 mi
- Mystic Downtown Marina4.717.9 mi
- Black Hall Marina4.714.4 mi
- Three Belles Marina4.711.4 mi
- Mystic River Marina4.518.4 mi
- Mohegan Sun Golf Club4.212.6 mi
- Fox Hopyard Golf Club4.45.7 mi
- Cedar Ridge Golf Course3.98.2 mi
- Chanticlair Golf Course3.97.8 mi
- Essex Indoor Golf Center4.912.3 mi
- Burlington4.211.4 mi
- Nature's Art Village4.54.7 mi
- ShopRite of Norwich4.18.3 mi
- ShopRite of New London4.111.2 mi
- Marshalls4.311.2 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides local recreational space and community facilities.
A major regional water feature offering boating and fishing access.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.