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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 20,775 people, 7,025 houses or apartments, and a median cost of homes of $2,443,256, 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 ( 84.65%).
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 38.86% of the town's housing hails from this era. Other housing ages represented in New Canaan include homes built between 1970-1999 ( 25.18%) and housing constructed before 1939 ( 18.53%). There's also some housing in New Canaan built between 2000 and later ( 17.43%).
Appreciation rates for homes in New Canaan have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 95.97%, which ranks in the top 40% nationwide. This equates to an annual average New Canaan house appreciation rate of 6.96%.
Appreciation rates are so strong in New Canaan that despite a nationwide downturn in the housing market, New Canaan real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Canaan appreciation rates continue to be some of the highest in America, at 11.55%, which is higher than appreciation rates in 92.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Canaan. New Canaan appreciation rates in the latest quarter were at 1.79%, which equates to an annual appreciation rate of 7.35%.
Relative to Connecticut, our data show that New Canaan's latest annual appreciation rate is higher than 80% of the other cities and towns in Connecticut.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within New Canaan differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Canaan - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best New Canaan real estate investment or home purchase decisions.
$2,443,256
for Connecticut
for nation
7,025
$5,768 / per month