Westport CT Real Estate Market Report Fall 2024
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*All market data can be found at the bottom of this page
Today, we are going to review the Westport real estate market for the third quarter of 2024. But, more importantly I am going to discuss what you should expect in the coming months and I'll provide my insights for navigating the market in the months ahead, whether you're looking to buy or sell. So sit back, grab a coffee, and join me as we analyze the Westport market. Let’s go!
If you are new to my website, my name is Charlie Vinci and I am a Westport Realtor. The graphs in the "Westport CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for Westport.
Westport Median Percentage of List Price
For the past 4 years in Q3, the median sellers in Westport received 100% of their list price. In other words, for the past 4 years sellers in Q3 have earned 100% or more of their asking price. Take a look at the five year trend.
While a median percentage of list price at 100% IS very good, it was less than the comparable towns of Greenwich, Darien and New Canaan which had a median sales price between 101.2% and 102.3%.
Westport Months of Supply
In theory, if we didn’t get any new homes to sell, we’d have enough inventory in Westport to last us another 3.5 months. In Q3 of 2023 we had 3.8 months of inventory, and in Q3 of 2022 we had 3.4 months of supply. Take a look at the five year trend.
This metric is essentially a ratio of buyers and sellers in the market. This is a better metric to focus on when you are watching the market, rather than the number of homes for sale. As you can see, it has been pretty consistent, and is still clearly a sellers market.
Westport Homes for Sale
At the end of Q3, there were 95 homes for sale in Westport. At the end of Q3 last year, we had 112 homes for sale, and in 2022, we had 142 homes for sale at the end of Q3. Check out the five year trend.
One thing worth noting, take a look at the low point in the early part of 2024. Notice how the number of homes to choose from was increasing, and had started to decrease again. This is typical this time of year, and buyers have more to pick from.
If you'd like to see what is available in Westport right now, you can click here to perform a Westport Home Search.
Westport Closed Sales
In Q3, there were 109 closed sales in Westport. Last year, there were 116 sales at this time, and in 2022 Westport had 144 closed sales in Q3. Take a look at the five year trend.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Quick Tip: Zoom in on your home for nearby sales.
Westport Median Sales Price
In Westport, the median sales price in Q3 of 2024 was $2MM. Last year’s median sales price in Q3 was just over $2MM, and the median sales price in Q3 of 2022 was about $1.86MM. Check out the five year trend.
It looks like, quarter over quarter, home prices MAY be beginning to stabilize in Westport. It's too early to tell for sure, but something to keep an eye on.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
Westport Pending Sales
At the end of Q3 of 2024 there were 89 sales pending in Westport. At the end of Q3 last year there were also 89 sales pending, and there were 105 sales pending at the end of Q3 of 2022. Take a look at the five year trend.
If you would like to stay on top of pending sales in a specific area, try creating a custom market report and you will be updated monthly.
Advice for Buyers & Sellers
So let's talk about whether it's a good idea to buy or sell over the next few months.
If you were a seller, you have some interesting challenges ahead. First off, we are entering the time of year where a seller usually garners the least amount of interest. Activity tends to slow sometime during the month of October, and doesn't pick back up again until after the new year.
Add to this, that it's a major election year. Presidential election years have historically had a slower November, because some buyers hold off until they know the results of the election. It seems the uncertainty causes pause, we can feel it on the street, and can SEE IT in the historical data.
Does this mean you shouldn't sell? Not necessarily. You may have other goals to consider. Perhaps you are selling now so you can buy in the spring, or there are other life events that are prompting the sale. So, some sellers will list during this period.
Another reason you might want to sell is that inventory is relatively low, and interest rates just dropped. Buyers will have more buying power, and I have no doubt that it will cause some to buy now.
So it's a bit of a mixed bag for sellers, but in a perfect world preparing for a spring sale would garner you more interest and likely a higher sale price.
If you are a buyer on the other hand, I would encourage you to buy soon if at all possible. Historically, the best time of the year to get a deal is between now and new years. And, it's an election year which will cause some buyers to hesitate.
Your challenge will be the limited inventory, but I have found that motivated buyers who don't focus on the limited number of homes available, and who stay diligent WILL get the best deals. It won’t be easy, but you are likely to see the best buying opportunity of the year between now and new years.
If you are thinking about buying or selling a home, call me.
Best,
203.952.7752
Westport CT Real Estate Market
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.