New Canaan, CT June 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 May 2025. You will see data comparisons between May and the previous month, the last three months and May 2024.
| Overview | YTD Avg. | May | April | Feb. – Apr. | May 2024 |
|---|---|---|---|---|---|
| New Listings | 123 | 36 | 27 | 22 | 41 |
| Average Sales Price per Square Foot | 565 | 587 | 576 | 563 | 465 |
| Average Days on Market | 63 | 86 | 58 | 48 | 64 |
| Number of Properties for Sale | 229 | 49 | 53 | 46 | 78 |
| Average List Price | $4,627,447 | $4,656,865 | $4,524,857 | $4,620,204 | $3,731,083 |
| Median List Price | $3,738,600 | $3,750,000 | $3,495,000 | $3,698,000 | $3,145,000 |
| Average Sales Price | $2,909,667 | $3,164,833 | $2,951,000 | $3,016,736 | $2,178,299 |
| Median Sales Price | $2,540,086 | $2,895,000 | $2,745,000 | $2,715,144 | $2,022,000 |
| Sales Price / List Price Ratio | 103.11% | 103.75% | 107.98% | 104.63% | 102.75% |
| Number of Properties Sold | 66 | 15 | 16 | 11 | 18 |
| Month’s Supply of Inventory | 3.72 | 3.27 | 3.31 | 4.31 | 4.33 |
| Absorption Rate | 0.29 | 0.31 | 0.3 | 0.24 | 0.23 |
Average & Median Sales Price
The median sales price in May 2025 was $2,895,000, up 5.46% from $2,745,000 from the previous month and 43.18% higher than $2,022,000 from May 2024. The May 2025 median sales price was at its highest level compared to May 2024 and 2023.
The average sales price in May 2025 was $3,164,833, up 7.25% from $2,951,000 from the previous month and 45.29% higher than $2,178,299 from May 2024. The May 2025 average sale price was at its highest level compared to May 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 May 2025 sales price/list price ratio was 103.75%, down from 107.98% from the previous month and equal to May 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in May 2025 was 15, down -6.25% from 16 from the previous month and -16.67% lower than 18 from May 2024. The May 2025 sales were at its lowest level compared to May 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 May 2025 was 86 days, up 48.28% from 58 days from the previous month and 34.38% higher than 64 days from May 2024. The May 2025 DOM was at its highest level compared with May 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 May 2025 was $587, up 1.91% from $576 from the previous month and 26.24% higher than $465 from May 2024.
Inventory & MSI
The number of properties for sale in May 2025 was 49, down -7.55% from 53 from the previous month and -37.18% lower than 78 from May 2024. The May 2025 inventory was at its lowest level compared with May 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2025 MSI of 3.27 months was at its lowest level compared with May 2024 and 2023.
New Listings
The number of new listings in May 2025 was 36, up 33.33% from 27 from the previous month and -12.20% lower than 41 from May 2024. The May 2025 listings were at its lowest level compared to May 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the May 2025 New Canaan Market Update:
🏠 Home prices remain high – Median sales price is $2.895M. That's up 5% from April and still up 43% from last year.
⏰ Homes are taking longer to sell – Average days on market is now 86, up 48% from April's 58, and 34% higher than last year's 64.
📈 Inventory is shrinking – 49 homes for sale, down 8% from last month and 37% fewer than a year ago. Fewer options are hitting the market.
📊 Closed sales have dipped – Only 15 homes closed in May, 6% fewer than April and 17% below last year, likely due to higher prices and longer selling timelines.
What Buyers and Sellers Need to Know
✨ Sellers: Price realistically and prepare for longer marketing times. With 86 days average, proper staging and competitive pricing are essential.
🔍 Buyers: Take advantage of longer selling times to negotiate, but act decisively on well-priced properties—inventory remains tight.
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