New Canaan, CT—06840
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Canaan, CT
As of Oct '25, the median home price in New Canaan, CT is $1,994,000, with a year-over-year change of 6.6%. This indicates that home prices in New Canaan, CT are increasing. According to Zillow, the 1-year price projection is 3.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,994,000 | 6.6% |
| Single Family | $2,197,000 | 8.0% |
| Condos | $1,168,000 | 8.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $449,000 | 1.6% |
2 Bed | $970,000 | 5.7% |
3 Bed | $1,370,000 | 8.1% |
4 Bed | $1,956,000 | 7.6% |
| 5 Bed | $3,067,000 | 8.9% |
% of Housing Stock
Rental Trends — New Canaan, CT
As of July '25, Rentcast reports the average rent in New Canaan, CT is $6,270, with a year-over-year rent change of 5.7%. Per bedroom, the median rent as of July '25 in New Canaan, CT is 1-bedrooms: $2,560, 2-bedrooms: $4,170, 3-bedrooms: $6,370, 4-bedrooms: $8,090. The most common rental property sizes in New Canaan, CT are 3-bedroom and 2-bedroom, accounting for 38.5% and 37.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $6,500 | $6,270 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,500 | $2,560 |
| 2 Bed Rent | $3,750 | $4,170 |
| 3 Bed Rent | $6,400 | $6,370 |
| 4 Bed Rent | $8,900 | $8,090 |
% of Rental Stock
Property Listings — New Canaan, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in New Canaan, CT is 41. This is a decrease of -25.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $2,970,000 | 0.0% |
Listing Count | 91 | -24.0% |
| Listings as % of Homes | 1.4% | -24.0% |
Days on Market | 41 | -25.0% |
Demographics — New Canaan, CT
As of the latest ACS Survey released in 2023, New Canaan, CT has a population of 20,700, which has increased by 2.1% over the past 5 years. New Canaan, CT is a popular place for families, as children make up 27.5% of the population. The area has a highly educated workforce, with 82.8% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 31.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,700 | 2.1% |
% Under 18 | 27.5% | -6.5% |
% Seniors | 16.1% | 1.3% |
% WFH | 31.1% | 152.8% |
% w/ College Degree | 82.8% | 4.4% |
As of the latest ACS Survey released in 2023, New Canaan, CT is a predominantly white area, with 83.0% of the population identifying as white. The white population has shrunk by 4.6% in the last 5 years. The second most common race or ethnicity in New Canaan, CT is asian, making up 5.9% of the population. Foreign-born residents account for 14.2% of the population in New Canaan, CT, and this percentage has increased by 11.8% 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 | 83.0% | -4.6% |
% Black | 1.7% | 13.3% |
% Hispanic | 4.7% | -11.3% |
% Asian | 5.9% | 34.1% |
% Foreign Born | 14.2% | 11.8% |
Mortgage and Risk — New Canaan, CT
According to HUD data as of 2023, there were 371 mortgage originations in New Canaan, CT, of which 99.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 1.0% above 90% LTV (normal). This implies small mortgage risk in New Canaan, CT. Investor activity is low, as 1.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 371 |
% Conventional Loans | 99.0% |
% Government Loans | 1.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — New Canaan, CT
As of 2024, the percent of homes in New Canaan, CT under the Section 8 program is 12.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in New Canaan, CT, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 153 |
Total Units Section 8 | 147 |
% Rentals under Section 8 | 12.7% |
% Occupied Section 8 | 92.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $410 | $2,500 | $2,910 |
| 2 Bedroom | -$250 | $3,750 | $3,500 |
| 3 Bedroom | -$2,140 | $6,400 | $4,260 |
| 4 Bedroom | -$4,150 | $8,900 | $4,750 |
Affordability — New Canaan, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.5 |
| Median Home Price | $1,994,000 |
| Median Household Income | $250,000 |