Westport, CT January 2025 Real Estate Market Report: Insights & Forecast
City: Westport, CT
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report
Overview
The overview below shows real estate activity from January 2024 to December 2024. You will see data comparisons between December and the previous month, the last three months and December 2023.
| Overview | YTD Avg. | December | November | Sep. – Nov. | Dec. 2023 |
|---|---|---|---|---|---|
| New Listings | 433 | 11 | 15 | 31 | 9 |
| Average Sales Price per Square Foot | 568 | 635 | 594 | 594 | 795 |
| Average Days on Market | 54 | 62 | 47 | 43 | 83 |
| Number of Properties for Sale | 1051 | 50 | 69 | 82 | 72 |
| Average List Price | $3,625,372 | $4,263,038 | $4,109,158 | $4,116,396 | $3,273,428 |
| Median List Price | $3,163,458 | $3,962,000 | $3,629,000 | $3,626,000 | $2,875,000 |
| Average Sales Price | $2,447,459 | $2,843,200 | $2,706,902 | $2,212,536 | $2,133,765 |
| Median Sales Price | $2,117,129 | $2,437,500 | $2,650,000 | $2,166,667 | $1,750,000 |
| Sales Price / List Price Ratio | 102.06% | 100.22% | 100.66% | 101.86% | 103.45% |
| Number of Properties Sold | 308 | 30 | 27 | 25 | 17 |
| Month’s Supply of Inventory | 3.91 | 1.67 | 2.56 | 3.29 | 4.24 |
| Absorption Rate | 0.31 | 0.6 | 0.39 | 0.31 | 0.24 |
Average & Median Sales Price
The median sales price in December 2024 was $2,437,500, down -8.02% from $2,650,000 from the previous month and 39.29% higher than $1,750,000 from December 2023. The December 2024 median sales price was at its highest level compared to December 2023 and 2022.
The average sales price in December 2024 was $2,843,200, up 5.04% from $2,706,902 from the previous month and 33.25% higher than $2,133,765 from December 2023. The December 2024 average sale price was at its highest level compared to December 2023 and 2022.
Sales Price / List Price Ratio
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 December 2024 sales price/list price ratio was 100.22%, equal to the previous month and down from 103.45% from December 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2024 was 30, up 11.11% from 27 from the previous month and 76.47% higher than 17 from December 2023. The December 2024 sales were at its highest level compared to December 2023 and 2022.
Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
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 December 2024 was 62 days, up 31.91% from 47 days from the previous month and -25.30% lower than 83 days from December 2023. The December 2024 DOM was at its lowest level compared with December 2023 and 2022.
Average Sales Price per Square Foot
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 December 2024 was $635, up 6.90% from $594 from the previous month and -20.13% lower than $795 from December 2023.
Inventory & MSI
The number of properties for sale in December 2024 was 50, down -27.54% from 69 from the previous month and -30.56% lower than 72 from December 2023. The December 2024 inventory was at its lowest level compared with December 2023 and 2022.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2024 MSI of 1.67 months was at its lowest level compared with December 2023 and 2022.
New Listings
The number of new listings in December 2024 was 11, down -26.67% from 15 from the previous month and 22.22% higher than 9 from December 2023. The December 2024 listings were at its highest level compared to December 2023 and 2022.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the December 2024 Westport Market Update:
🏠 Home prices softened from peak but remain strong – Median sales price is $2.438M. That's down 8% from November's high but up an impressive 39% from last December.
⏰ Homes are taking longer to sell – Average days on market increased to 62 days, up 32% from November's 47 days, though still 25% faster than last December's sluggish 83 days.
📈 Inventory dropped to critically low levels – Only 50 homes for sale, down 28% from November and 31% below last December. This represents some of the tightest supply conditions on record.
📊 Sales volume surged despite winter season – 30 homes closed in December, up 11% from November and a remarkable 76% above last December's weak performance.
What Buyers and Sellers Need to Know
✨ Sellers: You're operating in a supply-constrained market where homes still sell at list price (100.22%). The November-to-December price decline reflects normal seasonal patterns rather than fundamental weakness.
🔍 Buyers: Expect fair pricing at list value and moderate competition. While inventory remains scarce, the longer days on market suggests you have more time to evaluate properties compared to peak spring conditions.
Want Personalized Advice?
Have thoughts or questions? Let me know what you think!
Feel free to reach out anytime—and don’t forget to like and subscribe for more updates on the Weston market!
