New Canaan, CT May 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 April 2025. You will see data comparisons between April and the previous month, the last three months and April 2024.
| Overview | YTD Avg. | April | March | Jan. – Mar. | Apr. 2024 |
|---|---|---|---|---|---|
| New Listings | 86 | 27 | 23 | 20 | 37 |
| Average Sales Price per Square Foot | 561 | 578 | 576 | 555 | 435 |
| Average Days on Market | 56 | 52 | 33 | 57 | 170 |
| Number of Properties for Sale | 176 | 50 | 44 | 42 | 64 |
| Average List Price | $4,697,120 | $4,704,828 | $4,811,725 | $4,694,551 | $3,800,828 |
| Median List Price | $3,800,750 | $3,682,500 | $3,822,500 | $3,840,167 | $3,045,000 |
| Average Sales Price | $2,870,465 | $3,049,357 | $2,419,332 | $2,810,834 | $2,179,063 |
| Median Sales Price | $2,533,858 | $3,075,000 | $2,350,432 | $2,353,477 | $2,230,500 |
| Sales Price / List Price Ratio | 103.22% | 109.08% | 106.44% | 101.27% | 98.74% |
| Number of Properties Sold | 49 | 14 | 10 | 12 | 14 |
| Month’s Supply of Inventory | 3.88 | 3.57 | 4.4 | 3.98 | 4.57 |
| Absorption Rate | 0.28 | 0.28 | 0.23 | 0.28 | 0.22 |
Average & Median Sales Price
The median sales price in April 2025 was $3,075,000, up 30.83% from $2,350,432 from the previous month and 37.86% higher than $2,230,500 from April 2024. The April 2025 median sales price was at its highest level compared to April 2024 and 2023.
The average sales price in April 2025 was $3,049,357, up 26.04% from $2,419,332 from the previous month and 39.94% higher than $2,179,063 from April 2024. The April 2025 average sale price was at its highest level compared to April 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 April 2025 sales price/list price ratio was 109.08%, up from 106.44% from the previous month and up from 98.74% from April 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in April 2025 was 14, up 40.0% from 10 from the previous month and equal to April 2024. The April 2025 sales were at its lowest level compared to April 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 April 2025 was 52 days, up 57.58% from 33 days from the previous month and -69.41% lower than 170 days from April 2024. The April 2025 DOM was at its lowest level compared with April 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 April 2025 was $578, equal to the previous month and 32.87% higher than $435 from April 2024.
Inventory & MSI
The number of properties for sale in April 2025 was 50, up 13.64% from 44 from the previous month and -21.88% lower than 64 from April 2024. The April 2025 inventory was at its lowest level compared with April 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2025 MSI of 3.57 months was at its lowest level compared with April 2024 and 2023.
New Listings
The number of new listings in April 2025 was 27, up 17.39% from 23 from the previous month and -27.03% lower than 37 from April 2024. The April 2025 listings were at its lowest level compared to April 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the April 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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