The story of this market
The typical home in ZIP 06840 sells for about $772,820, or $375 per square foot.
Prices are up +3% from a year ago, so sellers still have some momentum. Homes take about 32 days to sell. HUD's fair market rent for a two-bedroom is $2,850 a month.
This ZIP has no home sales of its own, so its market figures come from Fairfield County, Connecticut (county-level). Population, rents, hazards, lending and amenities are this ZIP's own readings.
ZIP 06840 — New Canaan
The New Canaan housing market is characterized by extremely low inventory and high demand for luxury properties, driving significant year-over-year price appreciation. The market remains highly competitive, with homes selling quickly near or above asking price, reflecting the town's enduring appeal as a premier residential destination.
This ZIP is ideal for affluent families seeking top-tier public schools, privacy, and a suburban lifestyle, as well as high-earning commuters who value proximity to major employment hubs in Fairfield County and NYC.
Median prices moved up 3.0% year over year.
Homes spend a median of 32 days on market with 2.2 months of supply — a fast-moving market.
13% of listings have cut prices · homes sell at 104.4% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.2% · poverty 3.7% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 9.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 06840, Fairfield County CT
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
New Canaan consistently ranks as one of the safest communities in Connecticut with very low rates of violent and property crime compared to regional and national averages.
The New Canaan Public School district is highly regarded, consistently ranking among the top-performing districts in Connecticut with excellent college readiness metrics.
The area faces moderate risks from severe storms and wind events common to coastal Connecticut, with localized flood risks in low-lying areas near water bodies.
Economic momentum is driven by its status as a high-end residential enclave for professionals commuting to Stamford and New York City, with limited large-scale commercial development.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Connecticut) — Municipal Real Property Tax Assessment & Mill Rate Mechanics: Under C.G.S. § 12-62a, all taxable real property is assessed uniformly at a mandatory 70% assessment ratio of its fair market value (FMV). Real property tax is computed annually using the formula: Assessed Value = Fair Market Value × 0.
Residents primarily commute via the Metro-North New Canaan Branch line to Stamford or Grand Central Terminal, or drive via the Merritt Parkway (CT-15).
The area features extensive green space including Waveny Park, the New Canaan Nature Center, and various private golf clubs, alongside a boutique downtown shopping and dining district.
The rental market is tight with limited inventory, primarily consisting of luxury single-family homes and select upscale apartment units, often catering to families relocating for schools.
The local economy is anchored by professional services, finance, and proximity to the corporate headquarters located in nearby Stamford and Greenwich.
The area is served by the Metro-North Railroad's New Canaan Branch and is bisected by the Merritt Parkway, providing critical access to the broader region.
Development is largely focused on small-scale infill and the preservation of historic character, with strict adherence to town planning and zoning regulations.
The Town of New Canaan Assessor's office manages property valuations, with revaluations occurring on a state-mandated cycle to ensure equitable tax distribution.
Parcels are subject to the New Canaan Public School District and various municipal utility districts for water and sewer services.
Property insurance premiums are influenced by the area's coastal proximity and the high replacement cost of luxury residential structures.
Data retrieved from US Census Bureau ZCTA 06840 profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
A 300-acre park featuring trails, gardens, and the historic Waveny House.
Features 40 acres of trails, gardens, and educational programs.
A historic, walkable village center with high-end boutiques and restaurants.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass. Coherence hold-out: this pass's median price ($3,200,000) sat outside the 0.25–4× band around Fairfield County's retained level and was not stored.