New Canaan, CT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New Canaan, CT Housing Market Trends

With a population of 20,233, 7,116 total housing units (homes and apartments), and a median house value of $1,288,792, New Canaan house prices are not only among the most expensive in Connecticut, New Canaan real estate also is some of the most expensive in all of America.

New Canaan is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in New Canaan than is found in 98% of the communities in America.

The large homes that make up New Canaan are primarily owner-occupied ( 78.49%).

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. New Canaan's housing was primarily built during this period, from the '40s through the '60s. A full 38.29% of the town's housing hails from this era. Other housing ages represented in New Canaan include homes built between 1970-1999 ( 29.18%) and housing constructed before 1939 ( 19.40%). There's also some housing in New Canaan built between 2000 and later ( 13.13%).

New Canaan Home Appreciation Rates

Homes have actually lost value in New Canaan over the last then years, as home values have seen a decline of 9.04% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows New Canaan home appreciation rates at 2.79%, which equates to an annual appreciation rate of 11.65%.

Over the last year, New Canaan appreciation rates have trailed the rest of the nation. In the last twelve months, New Canaan's appreciation rate has been 4.76%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Canaan were at 2.79%, which equates to an annual appreciation rate of 11.65%.

Importantly, this makes New Canaan one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Connecticut, our data show that New Canaan's latest annual appreciation rate is lower than 80% of the other cities and towns in Connecticut.

Average Home Values

 

Median Home Value:
$1,288,792

New Canaan, CT HOME PRICES

> $874,000
71.3%
71.3%
$655,001 - $874,000
12.8%
12.8%
$437,001 - $655,000
6.4%
6.4%
$350,001 - $437,000
2.9%
2.9%
$262,001 - $350,000
2.4%
2.4%
$175,001 - $262,000
1.9%
1.9%
$88,001 - $175,000
1.5%
1.5%
$44,001 - $88,000
0.0%
0.0%
$0 - $44,000
0.9%
0.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for CT

Value Relative To Nation

Number Of Homes And Apartments:
7,116

New Canaan Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
29.13% 1.22%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,091 / per month

Homeownership Rate

Owners
78.5%
78.5%
Renters
21.5%
21.5%
Vacant
7.0%
7.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.1%
13.1%
1970 - 1999
29.2%
29.2%
1940 - 1969
38.3%
38.3%
1939 or Older
19.4%
19.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
73.3%
73.3%
Townhomes
8.8%
8.8%
Small Apt. Buildings
9.1%
9.1%
Apt. Complexes
8.5%
8.5%
Mobile Homes
0.1%
0.1%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.5%
0.5%
1 Bedroom
5.2%
5.2%
2 Bedrooms
15.4%
15.4%
3 Bedrooms
18.8%
18.8%
4 Bedrooms
31.3%
31.3%
5 or more bedrooms
28.8%
28.8%
0.0% 100.0%
% OF HOMES