New Canaan, CT July 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report
Overview
The overview below shows real estate activity from January 2025 to June 2025. You will see data comparisons between June and the previous month, the last three months and June 2024.
| Overview | YTD Avg. | June | May | Mar. – May | Jun. 2024 |
|---|---|---|---|---|---|
| New Listings | 160 | 34 | 38 | 30 | 34 |
| Average Sales Price per Square Foot | 574 | 603 | 598 | 584 | 551 |
| Average Days on Market | 55 | 19 | 81 | 57 | 29 |
| Number of Properties for Sale | 297 | 57 | 55 | 52 | 76 |
| Average List Price | $4,371,368 | $3,759,875 | $4,437,280 | $4,482,737 | $3,876,472 |
| Median List Price | $3,512,750 | $2,750,000 | $3,750,000 | $3,560,833 | $3,495,000 |
| Average Sales Price | $2,908,160 | $2,725,674 | $3,189,844 | $2,903,372 | $2,708,401 |
| Median Sales Price | $2,555,489 | $2,500,000 | $2,997,500 | $2,707,644 | $2,362,500 |
| Sales Price / List Price Ratio | 103.86% | 107.25% | 104.96% | 106.17% | 104.82% |
| Number of Properties Sold | 91 | 23 | 16 | 14 | 32 |
| Month’s Supply of Inventory | 3.58 | 2.48 | 3.44 | 3.76 | 2.38 |
| Absorption Rate | 0.3 | 0.4 | 0.29 | 0.27 | 0.42 |
Average & Median Sales Price
The median sales price in June 2025 was $2,500,000, down -16.60% from $2,997,500 from the previous month and 5.82% higher than $2,362,500 from June 2024. The June 2025 median sales price was at its highest level compared to June 2024 and 2023.
The average sales price in June 2025 was $2,725,674, down -14.55% from $3,189,844 from the previous month and equal to June 2024. The June 2025 average sale price was at its highest level compared to June 2024 and 2023.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.
The June 2025 sales price/list price ratio was 107.25%, up from 104.96% from the previous month and up from 104.82% from June 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in June 2025 was 23, up 43.75% from 16 from the previous month and -28.12% lower than 32 from June 2024. The June 2025 sales were at its lowest level compared to June 2024 and 2023.
Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market.
The DOM for June 2025 was 19 days, down -76.54% from 81 days from the previous month and -34.48% lower than 29 days from June 2024. The June 2025 DOM was at its lowest level compared with June 2024 and 2023.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in June 2025 was $603, equal to the previous month and 9.44% higher than $551 from June 2024.
Inventory & MSI
The number of properties for sale in June 2025 was 57, up 3.64% from 55 from the previous month and -25.00% lower than 76 from June 2024. The June 2025 inventory was at its lowest level compared with June 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2025 MSI of 2.48 months was at a mid level compared with June 2024 and 2023.
New Listings
The number of new listings in June 2025 was 34, down -10.53% from 38 from the previous month and equal to June 2024. The June 2025 listings were at a mid level compared to June 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the June 2025 New Canaan Market Update:
🏠 Home prices cooled from peak – Median sales price is $2.5M. That's down 17% from May's high of $3.0M, but still up 6% from last year's $2.36M.
⚡ Homes are selling lightning fast – Average days on market dropped dramatically to just 19 days, down 77% from May's sluggish 81 days, and 34% faster than last year's 29 days.
📈 Inventory remains constrained – 57 homes for sale, up slightly from last month's 55, but still 25% fewer than last year's 76. Supply continues to lag demand.
📊 Sales activity rebounded strongly – 23 homes closed in June, surging 44% from May's 16 closings, though still 28% below last year's robust 32 sales.
What Buyers and Sellers Need to Know
✨ Sellers: Price realistically for quick results. June's 19-day average proves properly priced homes sell fast, while May's inflated pricing led to 81-day waits.
🔍 Buyers: Move quickly on good properties. With homes selling in under three weeks, come pre-approved and ready to compete in this fast-moving market.
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