Westport, CT October 2024 Real Estate Market Update
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 October 2024. You will see data comparisons between October and the previous month, the last three months and October 2023.
Westport, CT Average and Median Home Sales Prices
October, 2024
The median sales price in October 2024 was $1,550,000, down -32.61% from $2,300,000 from the previous month and -31.11% lower than $2,250,000 from October 2023. The October 2024 median sales price was at its lowest level compared to October 2023 and 2022. The average sales price in October 2024 was $1,862,087, down -9.98% from $2,068,620 from the previous month and -26.57% lower than $2,535,852 from October 2023. The October 2024 average sale price was at its lowest level compared to October 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 October 2024 sales price/list price ratio was 102.26%, equal to the previous month and equal to October 2023.
Westport, CT Number of Properties Sold and Absorption Rate
October, 2024
The number of properties sold in October 2024 was 23, down -8.00% from 25 from the previous month and -8.00% lower than 25 from October 2023. The October 2024 sales were at a mid level compared to October 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 October 2024 was 41 days, down -2.38% from 42 days from the previous month and -14.58% lower than 48 days from October 2023. The October 2024 DOM was at its lowest level compared with October 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 October 2024 was $616, up 7.88% from $571 from the previous month and -3.45% lower than $638 from October 2023.
Westport, CT Inventory & MSI
October, 2024
The number of properties for sale in October 2024 was 74, down -21.28% from 94 from the previous month and -30.84% lower than 107 from October 2023. The October 2024 inventory was at its lowest level compared with October 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2024 MSI of 3.22 months was at its lowest level compared with October 2023 and 2022.
Westport, CT New Listings
October, 2024
The number of new listings in October 2024 was 30, down -33.33% from 45 from the previous month and -6.25% lower than 32 from October 2023. The October 2024 listings were at its lowest level compared to October 2023 and 2022.
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Based on information from Smart MLS for the period 11/01/2021 through 10/31/2024. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.
