New Canaan, CT January 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report – December 2024
Overview
The overview below shows real estate activity from January 2024 to December 2024. You will see data comparisons between December and the previous month, the last three months and December 2023.
| Overview | YTD Avg. | December | November | Sep. – Nov. | Dec. 2023 |
|---|---|---|---|---|---|
| New Listings | 264 | 3 | 10 | 17 | 5 |
| Average Sales Price per Square Foot | 511 | 645 | 531 | 489 | 405 |
| Average Days on Market | 73 | 56 | 62 | 66 | 94 |
| Number of Properties for Sale | 741 | 36 | 50 | 63 | 46 |
| Average List Price | $4,010,203 | $4,673,139 | $4,130,520 | $3,997,214 | $3,948,367 |
| Median List Price | $3,558,208 | $3,996,000 | $3,345,000 | $3,495,000 | $3,795,000 |
| Average Sales Price | $2,441,759 | $2,211,167 | $2,980,550 | $2,481,358 | $2,541,358 |
| Median Sales Price | $2,211,059 | $1,600,000 | $2,725,000 | $2,158,002 | $1,825,050 |
| Sales Price / List Price Ratio | 101.52% | 106% | 102.24% | 102.59% | 99.82% |
| Number of Properties Sold | 201 | 15 | 10 | 12 | 12 |
| Month’s Supply of Inventory | 4.84 | 2.4 | 5 | 7.41 | 3.83 |
| Absorption Rate | 0.27 | 0.42 | 0.2 | 0.19 | 0.26 |
Average & Median Sales Price
The median sales price in December 2024 was $1,600,000, down -41.28% from $2,725,000 from the previous month and -12.33% lower than $1,825,050 from December 2023. The December 2024 median sales price was at its lowest level compared to December 2023 and 2022.
The average sales price in December 2024 was $2,211,167, down -25.81% from $2,980,550 from the previous month and -12.99% lower than $2,541,358 from December 2023. The December 2024 average sale price was at a mid level compared to December 2023 and 2022.
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 December 2024 sales price/list price ratio was 106%, up from 102.24% from the previous month and up from 99.82% from December 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2024 was 15, up 50.0% from 10 from the previous month and 25.00% higher than 12 from December 2023. The December 2024 sales were at a mid level compared to December 2023 and 2022.
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 December 2024 was 56 days, down -9.68% from 62 days from the previous month and -40.43% lower than 94 days from December 2023. The December 2024 DOM was at its lowest level compared with December 2023 and 2022.
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 December 2024 was $645, up 21.47% from $531 from the previous month and 59.26% higher than $405 from December 2023.
Inventory & MSI
The number of properties for sale in December 2024 was 36, down -28.00% from 50 from the previous month and -21.74% lower than 46 from December 2023. The December 2024 inventory was at its lowest level compared with December 2023 and 2022.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2024 MSI of 2.4 months was at its lowest level compared with December 2023 and 2022.
New Listings
The number of new listings in December 2024 was 3, down -70.0% from 10 from the previous month and -40.0% lower than 5 from December 2023. The December 2024 listings were at its lowest level compared to December 2023 and 2022.
Judy Michaelis
Prefer the quick version? Here’s a snapshot of the December 2024 New Canaan Market Update:
🏠 Prices dropped sharply – Median sales price fell to $1.6M, down 41% from November and 12% below last year. Lowest December prices since 2022.
⏰ Homes selling faster – Average days on market dropped to 56 days, down 10% from November and 40% below last year’s 94 days.
📈 Inventory at record lows – Only 36 homes available, down 28% from November and 22% below last year. Lowest December inventory on record.
📊 Sales volume up – 15 homes sold, up 50% from November and 25% above last year despite tight inventory.
What Buyers and Sellers Need to Know
✨ Sellers: Homes selling at 106% of asking price in just 56 days. The 2.4-month supply favors sellers despite price corrections.
🔍 Buyers: Price correction creates opportunity, but inventory remains extremely tight. Expect to pay above asking and move quickly.
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