Is Canaan, ME 04924 a buyer’s or seller’s market?
Canaan is a seller’s market. With about 3.7 months of supply and 17% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Canaan housing market right now
In the three months ending August 31, 2026, 17% of homes in Canaan, ME 04924 sold above their list price, the typical home went under contract in 62 days and there were 3.7 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 6 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking rose from 14%, homes sold more slowly (56 days then) and the median sale price rose 10% to $280,878. Overall, Canaan is about as competitive as it was a year ago.
Within Somerset County, homes here sell more slowly than in 67% of the county’s ZIP codes, and sell more often over asking than in 57%.
Nearby, buyers who want less competition could look at Solon 04979 (0% sold over asking) or Shawmut 04975 (0% sold over asking), while Athens 04912 (75% sold over asking) and Saint Albans 04971 (43% sold over asking) are even more competitive.
Run the numbers for 04924
Nearby markets
Anson 04911Balanced $211 /sq ftAthens 04912Balanced $235 /sq ftBingham 04920Buyer’s market $138 /sq ftCambridge 04923Seller’s market $71 /sq ft Browse all markets →Towns like Canaan nearby
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Questions about Canaan real estate
Is Canaan a buyer’s or seller’s market?
A seller’s market: there were 3.7 months of supply in Canaan, ME 04924 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Canaan?
The typical home went under contract in 62 days in the latest three months.
Do homes in Canaan sell over asking?
17% of homes sold above their original list price, and the typical sale closed at 99.3% of the list price.
What are property taxes in Canaan?
About 1.08% of a home’s value a year in Somerset County, or roughly $4,320 on a $400,000 home.
What is the median home price in Canaan?
The median sale price was $280,878 in the three months ending August 31, 2026, about $243 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology