Canaan, CT—06031
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 $545,000, with a year-over-year change of 1.5%. This indicates that home prices in Canaan, CT are increasing. 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 | $545,000 | 1.5% |
| Single Family | $545,000 | 0.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $434,000 | 1.2% |
3 Bed | $520,000 | 1.4% |
4 Bed | $764,000 | 2.3% |
| 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 | $3,900 | $4,400 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $3,900 | $3,900 |
| 4 Bed Rent | $3,800 | $4,650 |
% 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 111. This is a increase of 88.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $811,000 | -7.0% |
Listing Count | 13 | 42.0% |
| Listings as % of Homes | 0.6% | 42.0% |
Days on Market | 111 | 88.0% |
Demographics — Canaan, CT
As of the latest ACS Survey released in 2023, Canaan, CT has a population of 1,380, which has decreased by -6.2% over the past 5 years. Canaan, CT is a moderately popular place for families, as children make up 16.1% of the population. The area has a highly educated workforce, with 57.5% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,380 | -6.2% |
% Under 18 | 16.1% | 1.3% |
% Seniors | 24.6% | 5.6% |
% WFH | 25.2% | 106.6% |
% w/ College Degree | 57.5% | 28.1% |
As of the latest ACS Survey released in 2023, Canaan, CT is a predominantly white area, with 92.7% of the population identifying as white. The white population has grown by 0.5% in the last 5 years. The second most common race or ethnicity in Canaan, CT is hispanic, making up 3.4% of the population. Foreign-born residents account for 8.1% of the population in Canaan, CT, and this percentage has increased by 42.1% 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 | 92.7% | 0.5% |
% Black | 1.0% | -64.3% |
% Hispanic | 3.4% | 21.4% |
% Asian | 0.8% | 14.3% |
% Foreign Born | 8.1% | 42.1% |
Mortgage and Risk — Canaan, CT
According to HUD data as of 2023, there were 16 mortgage originations in Canaan, CT, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 6.0% above 90% LTV (normal). This implies small mortgage risk in Canaan, CT. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 16 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 0.0% |
% Second Loans | 25.0% |
% Cash Out Refinance | 12.0% |
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 | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,480 |
| 2 Bedroom | N/A | N/A | $1,830 |
| 3 Bedroom | -$1,610 | $3,900 | $2,290 |
| 4 Bedroom | -$1,190 | $3,800 | $2,610 |
Affordability — Canaan, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $545,000 |
| Median Household Income | $99,200 |