2022 Westport, CT real estate market predictions

Judy’s 2022 Predictions:

Inventory continues to stay low

The number of calls from other agents asking me what I have coming on the market

is record breaking. We had 162 homes on the market in Jan 2021 and currently in
Westport there are only 89!

Prices continue to rise
It’s supply and demand. With record low levels of inventory, prices just go up.

Our mill rate stays the same or will fall slightly
Our mill rate has more or less stayed flat for the last 5 years. With our record sales,

volume and grand list growing, the town has more revenue than ever before.
In addition, Main street is fully rented for the first time in a long time. 

Wait time for parking stickers rise

The number of people who commute to NYC has risen in the last 2 years and
more offices are opening.

More weekenders choose Westport

With the Hamptons prices rising, and their traffic worse than ever, Westport
continues to be a less expensive, less stressful alternative.

Traffic Improves

Traffic in town was the #1 campaign for our first, second and third selectwomen.

I’m sure with their strong leadership and brilliant minds, Jen, Andrea and Candy
will fix this for us in 2022.

Investors start buying here

With our properties renting at record prices and interest rates still relatively low,
there are many properties that will yield a positive cash flow.

Grandparents continue to buy starter and not so starter homes

The number of families who have contacted me, or come to my open houses looking

to buy for their parents, is at record levels.

Sellers ask for and get extended closing dates and rent-backs

With Inventory at record lows, buyers are willing to offer more to get the deal done.

There are less new construction homes for sale

New home permits have fallen from previous years. Many local builders are getting
frustrated with the supply chain issues and choosing not to build until next year,
when hopefully these issues are cleared up.