If you want to analyze the market in a specific neighborhood, you can create a custom market report. You'll be able to see all the property details, how much it sold for, and how long it took to sell. Don't forget to save your market report for monthly updates.
*All market data can be found at the bottom of this page
As we head into February 2024, it's time to take a dive into the Westport Connecticut real estate market. We’re going to analyze the current trends and statistics, and I’ll give you my boots on the ground perspective so you can get a sense of where this market has been, where it’s going. Let's jump right in!
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.
Last month, the median seller in Westport received 100% of their list price. This means that at least ½ the sellers earned 100% or more. While this is over 2% more than last year’s 97.9%., In 2022 and 2021, the median seller also received 100%. Take a look at the five year trend.
As you can see, Westport’s median list price has been strong for many years, and the trend continues. Let's look at supply.
In theory if we didn’t get any new homes to sell, we’d have enough inventory in Westport to last us another 3.2 months. Last year at this time we had 2.9 months of supply, and back in January of 2022 we had 2.6 months of supply. Here’s the five year trend.
While 3.2 months of supply is better for buyers than past years, I doubt it feels this way to buyers. If you are shopping, let us know your experience in the comments.
At the end of last month we had 90 homes for sale in Westport. Last year at this time we had 110 homes for sale, and in January 2022 we had 128 homes for sale. Take a look at the five year trend.
If you'd like to see what is available in Westport right now, you can click here to perform a Westport Home Search.
Last year the median seller took 69 days to sell their home. This is nearly twice as long as last year’s 35 days. Back in January 2022 it took the median seller 48 days to find a buyer. Take a look at the five year trend.
There is some good news for buyers here, relative to previous years, homes seem to be staying on a bit longer, but keep in mind that the best homes often sell quickly to multiple offers.
We ended last month with 18 sales pending in Westport. At the end of January 2023 we had 20 pending sales, and we had 29 pending at the end of January 2022. Let's take a look at the five year trend.
Compared to our pre-covid years of 2019-2020, where we had between 16-29 pending sales this time of year, so 18 is on the lower side, but no doubt was held back by the limited supply of reasonably priced homes. Let's look at how many closed sales we had..
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.
In January 2024 we had 23 closed sales in Westport. Last year at this time we had 20 closed sales, and in 2022 we had 33 closed sales in January. Take a look at the five year trend.
So, it looks like we did better with the closed sales. Pre covid we had between 17-25, so 23 is pretty good for January.
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.
In January 2024, the median sales price in Westport was $1.85MM. This is up from last year’s median of $1.59MM, and 2022’s median of $1.6MM. Let's take a look at the five year trend.
No surprises here.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
So, hopefully the graphs helped you get a better picture of what happened in the market. But I am guessing you could use clarity about what to expect in the coming months. This is going to depend on whether you are planning to buy or sell, so I will address both.
If you are thinking about buying, know that we tend to get a noticeable shift in the market after the president's day, which is February 19th this year, so long as there isn't a great deal of snow on the ground, or the weather isn't terribly cold. If the weather is bad, it may delay the shift by a few weeks until things warm up a bit.
What this means for buyers is an uptick in new listings, but also in competition, because the new listings bring many dormant buyers back into the market. If you are lucky enough to be watching this video prior to presidents day weekend, you still have a few weeks to get a home with less competition and I would encourage you to go after anything good.
In the past, many of my buyers who shopped in the early part of the year regretted not buying sooner, because prices tend to increase as we get closer to June. This happens because of the increasing competition and because many of the homes receive multiple offers which only serves to push prices up. I would suggest buying earlier in the season, if possible.
If you are thinking about selling, I am guessing you see the opportunity in the coming market and you would be right. But before you rejoice, let me give you a few tips to help you get the most out of the coming market.
You probably have heard me say it before, and I’ll say it again…overpricing is the kiss of death. When you overprice, buyers simply pass up your home for another of better value. You are effectively giving away the advantage that the market has given you because you are reducing your buyer pool. You are much better off pricing competitively from the start, and using strong buyer demand to garner the best possible offer.
Another question you probably have is market timing. Since you know that prices go up, the closer we get to June, you are probably thinking, why not list in June then! This is a good strategy, but one that can potentially backfire, because sometimes transactions don't work out, and you may end up going back to market in the slower summer season. For this reason, listing in March or April seems to be the best sweet spot. In the unfortunate event that the buyer is not able to complete the sale, you still have time to find another buyer while the market is good.
There are many variables when you are planning to buy or sell, so call me to discuss your unique situation.
If you are thinking of buying or selling in Westport, call me.
I look forward to hearing from you!
*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.