New Canaan is a charming town with an elegant personality and one of Fairfield County's most sought-after destinations. With one of the only walkable downtowns in Fairfield County, New Canaan residents can take a stroll while admiring the stunning architectural feats the community is known for, have a meal at one of the many high-end restaurants, and indulge in retail shopping inside a locally-owned boutique.

As the home to many historical parks, such as the awe-inspiring Waveny Park, and a central location, New Canaan provides locals with the best of both worlds: a quiet atmosphere only a quick train ride away from New York City.

With all its amenities, New Canaan's real estate market is highly enticing to buyers, investors, and sellers. If you’re planning on entering the local market this year, there are a few things you should know.

In 2020, Fairfield County, including New Canaan, saw an influx of over 38,000 New Yorkers. With the COVID-19 pandemic at its peak, many sought to find places to live that offered quieter, suburban living close to New York City. This high demand caused housing prices to soar, with median sales prices rising well over 23% in a calendar year.

In May 2023, the medium home price for a single-family home in New Canaan was $2,157,500, an increase of 23.3% compared to last year. Since last year, New Canaan homes have seen a drastic increase in their time on the market, at 80 days compared to 55 in May 2022.

Recent data shows that sellers still have the advantage in the New Canaan real estate market, with 64% of all homes selling for over 95% of the listing price. With inventory down 1.5% compared to last year, this trend may continue well into the second half of 2023. However, there’s also good news for buyers, as the current market boasts almost four months of supply, a significant rise of 59.1%.

Even with the country experiencing higher interest rates, investing in real estate in New Canaan is still a good decision. While home prices are still relatively high, so are its values. Purchasing a luxury home or investment property in New Canaan lends itself well to long-term appreciation and wealth. The area’s central location puts it in high demand, making your property extremely lucrative if you ever sell.

Experts forecast that Fairfield County will continue to experience a seller’s market in 2023. Home prices still maintain elevated levels, and inventory is low — two factors sellers can take advantage of at the negotiating table.

Whether buying or selling, it’s important to understand the dynamics of the local real estate market and speak with a knowledgeable realtor who can provide insider information about the current housing market. If you plan to purchase, you must ensure you’re financially ready. For sellers, you must be emotionally prepared to sell your property and navigate the process of finding a new one. When determining if now is the right time for you, you must consider market trends, interest rates, housing prices, and more.

When selling a luxury home, it is necessary to exercise. Luxury homes are ultra-luxe properties with high-end finishes and amenities, and selling one differs from traditional real estate. Your home may spend more time on the market, as you’ll need to find a motivated buyer who can afford your top-dollar home. However, low inventory levels may work in your favor, as there will be less competition. Studies show that 60% of people believe it is still an opportune time to sell.

The little things matter when selling a home, especially when it’s luxury real estate. Buyers expect your home to be in tip-top condition, with only the best furnishings, materials, and amenities.

To increase your chances of attracting buyers, consider depersonalizing your space, conducting minor renovations, and elevating your curb appeal. Start by removing personal items from highly-trafficked areas, such as the kitchen and living room, to provide buyers with a blank space where they can imagine themselves living there. After your home is clean, organized, and decluttered, look at each room and determine if any areas could be improved. Perhaps your kitchen cabinets could benefit from a fresh coat of paint, or maybe the bedroom door handles need to be replaced with something more luxurious.

 

When the interior of your home is looking its best, it’s time to turn to the exterior. Your property’s curb appeal will be the first thing a buyer will see, so you want to pay lots of attention here. Trimming the bushes, adding a few native flowers, and updating the knob on the front door can make a huge difference in the perceived value of your home. By taking the time and effort to improve your home before listing, you could see the sale price increase by 20%.

When selling your home in Connecticut, you’ll have to take the ever-changing weather into account. Connecticut residents experience all four seasons, with winters being cold and snowy. Talk with your realtor to determine the best time to sell your home.

Whether you are a first-time home buyer or a repeat buyer, the market is constantly changing, so it's crucial to do research before buying your new home.

You’ll want to stay up-to-date on interest rates. On June 28th, 2023, the interest rate sat at 7.20%. Many experts believe that interest rates will begin to decrease, with some predicting rates will reach as low as 5% to 6% toward the end of the year. To better understand what interest rate you’ll receive, contact your mortgage lender.

The most important tip for buying or selling in this current market is to hire a real estate expert. A realtor will know how to market a home to receive top offers and help guide buyers to a successful closing. As the local real estate market continues to fluctuate and the desirability of New Canaan homes for sale grows, hiring a local and experienced agent is wise.

With over 15 years of experience, lifelong New Canaan resident Laura Danforth is the agent to work with when looking into New Canaan luxury real estate. As a recipient of the Top Selling Associate Excellence award, Laura Danforth can help you better understand the New Canaan real estate market and make informed decisions. Contact Laura today to get started. get your Home Evaluated.