Westport, CT February 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 for January 2025. You will see data comparisons between January and the previous month, the last three months and January 2024.
| Overview | YTD Avg. | January | December | Oct. – Dec. | Jan. 2024 |
|---|---|---|---|---|---|
| New Listings | 29 | 29 | 12 | 20 | 49 |
| Average Sales Price per Square Foot | 578 | 578 | 635 | 615 | 560 |
| Average Days on Market | 41 | 41 | 62 | 50 | 96 |
| Number of Properties for Sale | 55 | 55 | 53 | 68 | 93 |
| Average List Price | $4,650,453 | $4,650,453 | $4,137,723 | $4,118,253 | $2,975,820 |
| Median List Price | $4,100,000 | $4,100,000 | $3,695,000 | $3,628,000 | $2,499,000 |
| Average Sales Price | $1,892,679 | $1,892,679 | $2,843,200 | $2,470,730 | $2,542,650 |
| Median Sales Price | $1,604,000 | $1,604,000 | $2,437,500 | $2,212,500 | $1,887,500 |
| Sales Price / List Price Ratio | 102.41% | 102.41% | 100.22% | 101.05% | 100.72% |
| Number of Properties Sold | 14 | 14 | 30 | 27 | 20 |
| Month’s Supply of Inventory | 3.93 | 3.93 | 1.77 | 2.64 | 4.65 |
| Absorption Rate | 0.25 | 0.25 | 0.57 | 0.41 | 0.22 |
Average & Median Sales Price
The median sales price in January 2025 was $1,604,000, down -34.19% from $2,437,500 from the previous month and -15.02% lower than $1,887,500 from January 2024. The January 2025 median sales price was at a mid level compared to January 2024 and 2023.
The average sales price in January 2025 was $1,892,679, down -33.43% from $2,843,200 from the previous month and -25.56% lower than $2,542,650 from January 2024. The January 2025 average sale price was at its lowest level compared to January 2024 and 2023.
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 January 2025 sales price/list price ratio was 102.41%, up from 100.22% from the previous month and up from 100.72% from January 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in January 2025 was 14, down -53.33% from 30 from the previous month and -30.0% lower than 20 from January 2024. The January 2025 sales were at its lowest level compared to January 2024 and 2023.
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 January 2025 was 41 days, down -33.87% from 62 days from the previous month and -57.29% lower than 96 days from January 2024. The January 2025 DOM was at its lowest level compared with January 2024 and 2023.
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 January 2025 was $578, down -8.98% from $635 from the previous month and 3.21% higher than $560 from January 2024.
Inventory & MSI
The number of properties for sale in January 2025 was 55, up 3.77% from 53 from the previous month and -40.86% lower than 93 from January 2024. The January 2025 inventory was at its lowest level compared with January 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2025 MSI of 3.93 months was at its lowest level compared with January 2024 and 2023.
New Listings
The number of new listings in January 2025 was 29, up 141.67% from 12 from the previous month and -40.82% lower than 49 from January 2024. The January 2025 listings were at a mid level compared to January 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the January 2025 Westport Market Update:
🏠 Home prices dropped seasonally but remain elevated – Median sales price is $1.604M. That's down 34% from December's peak but still reflecting strong underlying value compared to broader trends.
⚡ Homes are selling much faster – Average days on market fell to just 41 days, down dramatically from December's 62 days and a remarkable improvement from last January's sluggish 96 days.
📈 Inventory remains severely constrained – Only 55 homes for sale, barely up from December's 53 but down a striking 41% from last January's 93 properties. This shortage continues driving market dynamics.
📊 Sales volume contracted in winter pattern – 14 homes closed in January, down 53% from December's busy 30 sales and 30% below last January's 20 transactions.
What Buyers and Sellers Need to Know
✨ Sellers: You have significant leverage with homes selling above asking at 102% of list price. The faster selling times and premium pricing show strong buyer demand despite winter conditions.
🔍 Buyers: Expect to pay above asking price and move quickly on desirable properties. While fewer homes are selling overall, the ones that do sell are moving fast and commanding premiums.
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