Westport, CT August 2024 Real Estate Market Update
City: Westport, CT
Assembled by: Judy Michaelis, 203-247-5000
Westport homeowners,
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Westport, CT Real Estate Market & Trends Overview
August, 2024
The overview below shows real estate activity from January 2024 to July 2024. You will see data comparisons between July and the previous month, the last three months and July 2023.
Westport, CT Average and Median Home Sales Prices
August, 2024
The median sales price in July 2024 was $2,000,000, down -13.98% from $2,325,000 from the previous month and -4.59% lower than $2,096,250 from July 2023. TheJuly 2024 median sales price was at its lowest level compared to July 2023 and 2022. The average sales price in July 2024 was $2,473,675, down -5.74% from$2,624,320 from the previous month and 5.69% higher than $2,340,493 from July 2023. The July 2024 average sale price was at a mid level compared to July 2023 and2022.
Westport, CT Sales Price / List Price Ratio
August, 2024
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price. The July 2024 sales price/list price ratio was 103.26%, equal to the previous month and equal to July 2023.
Westport, CT Number of Properties Sold and Absorption Rate
August, 2024
The number of properties sold in July 2024 was 33, up 10.0% from 30 from the previous month and -36.54% lower than 52 from July 2023. The July 2024 sales were at its lowest level compared to July 2023 and 2022. Absorption rate is the avg number of sales per month divided by the total number of available properties.
Westport, CT Average Days on Market (DOM)
August, 2024
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market. The DOM for July 2024 was 36 days, equal to the previous month and -40.98% lower than 61days from July 2023. The July 2024 DOM was at its lowest level compared with July 2023 and 2022.
Westport, CT Average Sales Price per Square Foot
August, 2024
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in July 2024 was $588, up3.52% from $568 from the previous month and 1.55% higher than $579 from July 2023.
Westport, CT Inventory & MSI
August, 2024
The number of properties for sale in July 2024 was 83, down -10.75% from 93 from the previous month and -25.89% lower than 112 from July 2023. The July 2024inventory was at its lowest level compared with July 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2024 MSI of 2.52 months was at a mid level compared with July 2023 and 2022.
Westport, CT New Listings
August, 2024
The number of new listings in July 2024 was 34, down -8.11% from 37 from the previous month and -15.00% lower than 40 from July 2023. The July 2024 listings were at its lowest level compared to July 2023 and 2022.
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Based on information from SmartMLS for the period 07/01/2021 through 6/30/2024. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.
