Westport, CT October 2024 Real Estate Market Insights & Forecasts
City: Westport, CT
Assembled by: Judy Michaelis, 203-247-5000
Hi Westport homeowners,
Congratulations, you’ve earned $1 million since 2019! …Or better yet: you’ve increased your net worth by $1 million in the past five years simply by owning your home in Westport.
Let me explain. Since 2019, Westport has seen a tremendous increase in its home values by nearly $1 million on average. In fact, back in 2019, the median sales price was an even million dollars. Today, it’s $2.3 million.
So do the math.
And in quarter three of 2024, for instance, the trend continues. The average days on market is down to 34 days of 40% drop year over year. This means homes are selling faster than ever. Clearly demand as high as homes are selling for an average of 102.7% of the list price.
You may ask why.
It’s simple. More people want to live in Westport than there are homes for sale. Westport has been and continues to be relocating New Yorkers’ number one town choice. So, wether you find yourself content staying put or ready to explore your next chapter in life, all signs look favorable for Westport homeowners.
Let me know if you’d like a personal equity report on your home. With over 30 years of experience in Westport, I’m uniquely positioned to provide insights on current market trends and guide you through this incredible opportunity.
If you’d like a personal assessment of the home’s value, feel free to call, text, or email me anytime.
Know someone who could benefit from this information?
Please share this video with them.
Have a look at the numbers below, and let me know what you think!
Sitting down with a top realtor is vital in helping you understand your options. If you’d like to know what’s going on in your part of Westport, or you’re looking for any further detailed analysis, feel free to call, text, or email me – I’d love to have a personal conversation with you. If you like what you see and hear in my videos, just subscribe above!
– Judy
Westport, CT Real Estate Market & Trends Overview
October, 2024
The overview below shows real estate activity from January 2024 to September 2024. You will see data comparisons between September and the previous month, the last three months and September 2023.
Westport, CT Average and Median Home Sales Prices
October, 2024
The median sales price in September 2024 was $2,300,000, down -1.18% from $2,327,500 from the previous month and -2.13% lower than $2,350,000 from September 2023. The September 2024 median sales price was at a mid level compared to September 2023 and 2022. The average sales price in September 2024 was $2,068,620, down -30.57% from $2,979,564 from the previous month and -17.62% lower than $2,511,072 from September 2023. The September 2024 average sale price was at its lowest level compared to September 2023 and 2022.
Westport, CT Sales Price / List Price Ratio
October, 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 September 2024 sales price/list price ratio was 102.65%, equal to the previous month and up from 96.7% from September 2023.
Westport, CT Number of Properties Sold and Absorption Rate
October, 2024
The number of properties sold in September 2024 was 25, down -34.21% from 38 from the previous month and 47.06% higher than 17 from September 2023. The September 2024 sales were at a mid level compared to September 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)
October, 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 September 2024 was 42 days, down -42.47% from 73 days from the previous month and -50.59% lower than 85 days from September 2023. The September 2024 DOM was at its lowest level compared with September 2023 and 2022.
Westport, CT Average Sales Price per Square Foot
October, 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 September 2024 was $571, down -1.38% from $579 from the previous month and 22.27% higher than $467 from September 2023.
Westport, CT Inventory & MSI
October, 2024
The number of properties for sale in September 2024 was 95, up 7.95% from 88 from the previous month and -15.18% lower than 112 from September 2023. The September 2024 inventory was at its lowest level compared with September 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2024 MSI of 3.8 months was at a mid level compared with September 2023 and 2022.
Westport, CT New Listings
October, 2024
The number of new listings in September 2024 was 45, up 66.67% from 27 from the previous month and equal to September 2023. The September 2024 listings were at a mid level compared to September 2023 and 2022.
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Based on information from SmartMLS for the period 10/01/2021 through 9/30/2024. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, employees.
