June 2024 Westport, CT Real Estate Market Update

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000



Westport homeowners,

Have a look at the numbers below, and let me know what you think!

Sitting down with a top realtor is vital in helping you understand your options. If you’d like to know what’s going on in your part of Westport, or you’re looking for any further detailed analysis, feel free to call, text, or email me – I’d love to have a personal conversation with you. If you like what you see and hear in my videos, just subscribe above!

– Judy

203-247-5000

judy@judymichaelis.com

Westport, CT Real Estate Market & Trends Overview

JUNE, 2024

The overview below shows real estate activity from January 2024 to May 2024. You will see data comparisons between May and the previous month, the last three months and May 2023.

Westport, CT Average and Median Home Sales Prices

JUNE, 2024

The median sales price in May 2024 was $1,975,774, down -16.07% from $2,354,000 from the previous month and -20.97% lower than $2,500,000 from May 2023. The May 2024 median sales price was at its lowest level compared to May 2023 and 2022. The average sales price in May 2024 was $2,329,117, up 6.80% from $2,180,725 from the previous month and -12.95% lower than $2,675,556 from May 2023. The May 2024 average sale price was at a mid level compared to May 2023 and 2022.

Westport, CT Sales Price / List Price Ratio

JUNE, 2024

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 May 2024 sales price/list price ratio was 103.48%, up from 101.44% from the previous month and up from 101.53% from May 2023.

Average Selling Price divided by Average Listing Price for sold properties during the month

Westport, CT Number of Properties Sold and Absorption Rate

JUNE, 2024

The number of properties sold in May 2024 was 26, down -13.33% from 30 from the previous month and -7.14% lower than 28 from May 2023. The May 2024 sales were at its lowest level compared to May 2023 and 2022. Absorption rate is the average number of sales per month divided by the total number of available properties.

Westport, CT Average Days on Market (DOM)

JUNE, 2024

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 May 2024 was 39 days, down -15.22% from 46 days from the previous month and -56.18% lower than 89 days from May 2023. The May 2024 DOM was at its lowest level compared with May 2023 and 2022.

Average Days on Market (Listing to Contract) for properties sold during them month

Westport, CT Average Sales Price per Square Foot

JUNE, 2024

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 May 2024 was $528, up 1.73% from $519 from the previous month and -6.55% lower than $565 from May 2023.

Average Selling Price per Square Foot for properties that sold during the month

Westport, CT Inventory & MSI

JUNE, 2024

The number of properties for sale in May 2024 was 85, down -11.46% from 96 from the previous month and -30.33% lower than 122 from May 2023. The May 2024 inventory was at its lowest level compared with May 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2024 MSI of 3.27 months was at a mid level compared with May 2023 and 2022.

MSI is the number of months needed to sell all of the inventory at the monthly Sales Pace.

Westport, CT New Listings

JUNE, 2024

The number of new listings in May 2024 was 53, down -1.85% from 54 from the previous month and -13.11% lower than 61 from May 2023. The May 2024 listings were at its lowest level compared to May 2023 and 2022.



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Based on information from SmartMLS for the period 06/01/2021 through 5/31/2024. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.