New Canaan, CT April 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 March 2025. You will see data comparisons between March and the previous month, the last three months and March 2024.
| Overview | YTD Avg. | March | February | Dec. – Feb. | Mar. 2024 |
|---|---|---|---|---|---|
| New Listings | 59 | 23 | 14 | 14 | 24 |
| Average Sales Price per Square Foot | 555 | 576 | 538 | 578 | 537 |
| Average Days on Market | 57 | 33 | 54 | 65 | 41 |
| Number of Properties for Sale | 120 | 39 | 40 | 40 | 50 |
| Average List Price | $4,843,564 | $5,090,921 | $4,728,600 | $4,640,015 | $4,427,360 |
| Median List Price | $3,972,167 | $3,999,000 | $3,922,500 | $3,892,500 | $3,995,000 |
| Average Sales Price | $2,810,834 | $2,419,332 | $3,679,875 | $2,741,445 | $2,242,667 |
| Median Sales Price | $2,353,477 | $2,350,432 | $3,050,000 | $2,103,333 | $2,256,000 |
| Sales Price / List Price Ratio | 101.27% | 106.44% | 99.47% | 101.13% | 101.96% |
| Number of Properties Sold | 35 | 10 | 8 | 13 | 12 |
| Month’s Supply of Inventory | 3.77 | 3.9 | 5 | 3.36 | 4.17 |
| Absorption Rate | 0.29 | 0.26 | 0.2 | 0.33 | 0.24 |
Average & Median Sales Price
The median sales price in March 2025 was $2,350,432, down -22.94% from $3,050,000 from the previous month and 4.19% higher than $2,256,000 from March 2024. The March 2025 median sales price was at its highest level compared to March 2024 and 2023.
The average sales price in March 2025 was $2,419,332, down -34.26% from $3,679,875 from the previous month and 7.88% higher than $2,242,667 from March 2024. The March 2025 average sale price was at its highest level compared to March 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 March 2025 sales price/list price ratio was 106.44%, up from 99.47% from the previous month and up from 101.96% from March 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in March 2025 was 10, up 25.00% from 8 from the previous month and -16.67% lower than 12 from March 2024. The March 2025 sales were at its lowest level compared to March 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 March 2025 was 33 days, down -38.89% from 54 days from the previous month and -19.51% lower than 41 days from March 2024. The March 2025 DOM was at its lowest level compared with March 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 March 2025 was $576, up 7.06% from $538 from the previous month and 7.26% higher than $537 from March 2024.
Inventory & MSI
The number of properties for sale in March 2025 was 39, down -2.50% from 40 from the previous month and -22.00% lower than 50 from March 2024. The March 2025 inventory was at its lowest level compared with March 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2025 MSI of 3.9 months was at its lowest level compared with March 2024 and 2023.
New Listings
The number of new listings in March 2025 was 23, up 64.29% from 14 from the previous month and -4.17% lower than 24 from March 2024. The March 2025 listings were at its lowest level compared to March 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the March 2025 New Canaan Market Update:
🏠 Home prices are surging – Median sales price hit $3.075M, up 31% from last month and 38% from last year. This represents the highest level compared to April 2024 and 2023.
⏰ Homes are taking longer to sell than last month – Average days on market increased to 52 days, up 58% from March's 33 days, but still dramatically better than last year's 170 days (-69%).
📈 Inventory remains constrained – 50 homes for sale, up 14% from last month's 44 but down 22% from last year's 64. Supply continues to be limited in this premium market.
📊 Sales activity showed strength – 14 homes closed in April, up 40% from March's 10 sales and matching last year's 14. Activity remains at relatively low levels compared to historical norms.
What Buyers and Sellers Need to Know
✨ Sellers: Price confidently as homes are selling well above asking at 109% of list price. The market strongly favors sellers with limited inventory and strong demand driving competitive bidding.
🔍 Buyers: Expect to pay above asking price in this competitive environment. While days on market increased slightly, inventory remains very tight. Be prepared to act quickly and bid competitively on desirable properties.
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