New Canaan, CT Septembe 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 August 2025. You will see data comparisons between August and the previous month, the last three months and August 2024.
| Overview | YTD Avg. | August | July | May – Jul. | Aug. 2024 |
|---|---|---|---|---|---|
| New Listings | 194 | 16 | 18 | 30 | 20 |
| Average Sales Price per Square Foot | 579 | 606 | 592 | 594 | 497 |
| Average Days on Market | 52 | 50 | 36 | 46 | 45 |
| Number of Properties for Sale | 396 | 45 | 51 | 55 | 71 |
| Average List Price | $4,312,554 | $4,290,267 | $4,102,643 | $4,072,687 | $3,602,197 |
| Median List Price | $3,380,375 | $2,999,000 | $2,995,000 | $3,155,833 | $3,495,000 |
| Average Sales Price | $2,974,677 | $2,968,234 | $3,356,293 | $3,098,580 | $2,514,348 |
| Median Sales Price | $2,560,804 | $2,562,500 | $2,541,000 | $2,696,167 | $2,667,700 |
| Sales Price / List Price Ratio | 103.85% | 101.68% | 106.49% | 106.05% | 101.95% |
| Number of Properties Sold | 147 | 32 | 23 | 21 | 25 |
| Month’s Supply of Inventory | 3.14 | 1.41 | 2.22 | 2.72 | 2.84 |
| Absorption Rate | 0.37 | 0.71 | 0.45 | 0.38 | 0.35 |
Average & Median Sales Price
The median sales price in August 2025 was $2,562,500, equal to the previous month and -3.94% lower than $2,667,700 from August 2024. The August 2025 median sales price was at a mid level compared to August 2024 and 2023.
The average sales price in August 2025 was $2,968,234, down -11.56% from $3,356,293 from the previous month and 18.05% higher than $2,514,348 from August 2024. The August 2025 average sale price was at its highest level compared to August 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 August 2025 sales price/list price ratio was 101.68%, down from 106.49% from the previous month and equal to August 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in August 2025 was 32, up 39.13% from 23 from the previous month and 28.00% higher than 25 from August 2024. The August 2025 sales were at its highest level compared to August 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 August 2025 was 50 days, up 38.89% from 36 days from the previous month and 11.11% higher than 45 days from August 2024. The August 2025 DOM was at its highest level compared with August 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 August 2025 was $606, up 2.36% from $592 from the previous month and 21.93% higher than $497 from August 2024.
Inventory & MSI
The number of properties for sale in August 2025 was 45, down -11.76% from 51 from the previous month and -36.62% lower than 71 from August 2024. The August 2025 inventory was at its lowest level compared with August 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2025 MSI of 1.41 months was at its lowest level compared with August 2024 and 2023.
New Listings
The number of new listings in August 2025 was 16, down -11.11% from 18 from the previous month and -20.0% lower than 20 from August 2024. The August 2025 listings were at its lowest level compared to August 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the August 2025 New Canaan Market Update:
🏠 Luxury prices showing mixed signals – Median sales price held steady at $2.56M (flat from July), but down 4% from last year's $2.67M. Average sales price dropped 12% from July's peak but still up 18% annually.
⏳ Homes taking longer to sell – Average days on market jumped to 50 days, up 39% from July's 36 days and up 11% from last year's 45 days. Buyers exercising increased selectivity at luxury price points.
📉 Inventory severely constrained – Only 45 homes for sale, down 12% from July's 51, and down 37% from last year's 71. Supply shortage intensifying in ultra-premium segment.
📈 Sales activity surging despite challenges – 32 homes closed in August, up 39% from July's 23, and up 28% from last year's 25. Strong transaction momentum despite longer marketing periods.
What Buyers and Sellers Need to Know
✨ Sellers: Luxury market holding steady with 18% annual gains despite 7-week sales cycles. Limited new supply creates pricing power for well-positioned properties.
🔍 Buyers: Only 45 luxury options available, but you have more time to evaluate. Price per square foot up 22% annually indicates continued strength despite longer decision windows.
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