Canaan, CT—06018
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Canaan, CT
As of Oct '25, the median home price in Canaan, CT is $339,000, with a year-over-year change of -0.1%. This indicates that home prices in Canaan, CT are flat. According to Zillow, the 1-year price projection is 4.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $339,000 | -0.1% |
| Single Family | $342,000 | -0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $270,000 | -0.4% |
3 Bed | $348,000 | -0.9% |
4 Bed | $376,000 | 0.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Canaan, CT
Canaan, CT lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $4,500 | $4,500 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $4,500 | $4,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Canaan, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in Canaan, CT is 31. This is a increase of 11.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $364,000 | 24.0% |
Listing Count | 12 | 106.0% |
| Listings as % of Homes | 0.8% | 106.0% |
Days on Market | 31 | 11.0% |
Demographics — Canaan, CT
As of the latest ACS Survey released in 2023, Canaan, CT has a population of 2,630, which has decreased by -8.8% over the past 5 years. Canaan, CT is a popular place for families, as children make up 28.7% of the population. The area has a poorly educated workforce, with 24.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,630 | -8.8% |
% Under 18 | 28.7% | 75.0% |
% Seniors | 18.2% | -20.9% |
% WFH | 12.6% | 260.0% |
% w/ College Degree | 24.8% | 5.5% |
As of the latest ACS Survey released in 2023, Canaan, CT is a predominantly white area, with 80.9% of the population identifying as white. The white population has shrunk by 10.0% in the last 5 years. The second most common race or ethnicity in Canaan, CT is hispanic, making up 13.6% of the population. Foreign-born residents account for 7.7% of the population in Canaan, CT, and this percentage has increased by 14.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 80.9% | -10.0% |
% Black | 0.0% | -100.0% |
% Hispanic | 13.6% | 156.6% |
% Asian | 0.0% | N/A |
% Foreign Born | 7.7% | 14.9% |
Mortgage and Risk — Canaan, CT
According to HUD data as of 2023, there were 41 mortgage originations in Canaan, CT, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Canaan, CT. Investor activity is low, as 5.0% of loans were by investors. 22.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 41 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 22.0% |
Loan Activity
Rentals and Section 8 — Canaan, CT
Canaan, CT lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 71 |
Total Units Section 8 | 37 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 90.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,210 |
| 2 Bedroom | N/A | N/A | $1,500 |
| 3 Bedroom | -$2,620 | $4,500 | $1,880 |
| 4 Bedroom | N/A | N/A | $2,140 |
Affordability — Canaan, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5 |
| Median Home Price | $339,000 |
| Median Household Income | $56,300 |