New Canaan, CT August 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 July 2025. You will see data comparisons between July and the previous month, the last three months and July 2024.
| Overview | YTD Avg. | July | June | Apr. – Jun. | Jul. 2024 |
|---|---|---|---|---|---|
| New Listings | 176 | 16 | 34 | 33 | 18 |
| Average Sales Price per Square Foot | 575 | 592 | 593 | 590 | 529 |
| Average Days on Market | 52 | 36 | 21 | 53 | 38 |
| Number of Properties for Sale | 343 | 44 | 59 | 56 | 73 |
| Average List Price | $4,370,956 | $4,425,495 | $3,736,405 | $4,183,346 | $3,985,684 |
| Median List Price | $3,528,429 | $3,622,500 | $2,750,000 | $3,231,667 | $3,650,000 |
| Average Sales Price | $2,975,598 | $3,356,293 | $2,749,604 | $3,013,463 | $2,683,069 |
| Median Sales Price | $2,560,562 | $2,541,000 | $2,550,000 | $2,774,167 | $2,500,000 |
| Sales Price / List Price Ratio | 104.16% | 106.49% | 106.71% | 106.26% | 103.6% |
| Number of Properties Sold | 115 | 23 | 24 | 19 | 29 |
| Month’s Supply of Inventory | 3.34 | 1.91 | 2.46 | 3.05 | 2.52 |
| Absorption Rate | 0.33 | 0.52 | 0.41 | 0.34 | 0.4 |
Average & Median Sales Price
The median sales price in July 2025 was $2,541,000, equal to the previous month and 1.64% higher than $2,500,000 from July 2024. The July 2025 median sales price was at its highest level compared to July 2024 and 2023.
The average sales price in July 2025 was $3,356,293, up 22.06% from $2,749,604 from the previous month and 25.09% higher than $2,683,069 from July 2024. The July 2025 average sale price was at its highest level compared to July 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 July 2025 sales price/list price ratio was 106.49%, equal to the previous month and up from 103.6% from July 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in July 2025 was 23, down -4.17% from 24 from the previous month and -20.69% lower than 29 from July 2024. The July 2025 sales were at its lowest level compared to July 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 July 2025 was 36 days, up 71.43% from 21 days from the previous month and -5.26% lower than 38 days from July 2024. The July 2025 DOM was at its lowest level compared with July 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 July 2025 was $592, equal to the previous month and 11.91% higher than $529 from July 2024.
Inventory & MSI
The number of properties for sale in July 2025 was 44, down -25.42% from 59 from the previous month and -39.73% lower than 73 from July 2024. The July 2025 inventory was at its lowest level compared with July 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2025 MSI of 1.91 months was at its lowest level compared with July 2024 and 2023.
New Listings
The number of new listings in July 2025 was 16, down -52.94% from 34 from the previous month and -11.11% lower than 18 from July 2024. The July 2025 listings were at its lowest level compared to July 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the July 2025 New Canaan Market Update:
🏠 Home prices holding steady – Median sales price is $2.54M, flat from June's $2.55M, and up just 1.6% from last year's $2.5M. Premium market showing stability.
⏳ Homes taking longer to sell – Average days on market jumped to 36 days, up 71% from June's lightning-fast 21 days, but still better than last year's 38-day pace.
📉 Inventory extremely tight – Just 44 homes for sale, down 25% from last month's 59, and 40% lower than last year's 73. Very limited options for buyers.
📈 Sales activity cooling – 23 homes closed in July, down slightly from June's 24, and 21% lower than last year's 29. Typical summer slowdown.
What Buyers and Sellers Need to Know
✨ Sellers: Strong position with limited inventory, but buyers are selective—pristine presentation and strategic pricing essential as properties no longer sell instantly.
🔍 Buyers: Challenging market with few options, but more time to decide. Act decisively on the right property—with only 44 homes available, good options won't last.
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