Westport, CT March 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 2025 to February 2025. You will see data comparisons between February and the previous month, the last three months and February 2024.
| Overview | YTD Avg. | February | January | Nov. – Jan. | Feb. 2024 |
|---|---|---|---|---|---|
| New Listings | 58 | 26 | 32 | 20 | 27 |
| Average Sales Price per Square Foot | 592 | 605 | 578 | 602 | 582 |
| Average Days on Market | 51 | 61 | 41 | 50 | 50 |
| Number of Properties for Sale | 128 | 66 | 62 | 62 | 86 |
| Average List Price | $4,738,553 | $4,892,850 | $4,584,256 | $4,265,678 | $3,077,669 |
| Median List Price | $4,397,000 | $4,695,000 | $4,099,000 | $3,786,167 | $2,599,000 |
| Average Sales Price | $1,999,069 | $2,105,458 | $1,892,679 | $2,480,927 | $2,352,722 |
| Median Sales Price | $1,695,125 | $1,786,250 | $1,604,000 | $2,230,500 | $1,600,000 |
| Sales Price / List Price Ratio | 100.78% | 99.14% | 102.41% | 101.1% | 107.2% |
| Number of Properties Sold | 26 | 12 | 14 | 24 | 9 |
| Month’s Supply of Inventory | 4.96 | 5.5 | 4.43 | 2.93 | 9.56 |
| Absorption Rate | 0.2 | 0.18 | 0.23 | 0.4 | 0.1 |
Average & Median Sales Price
The median sales price in February 2025 was $1,786,250, up 11.36% from $1,604,000 from the previous month and 11.64% higher than $1,600,000 from February 2024. The February 2025 median sales price was at its highest level compared to February 2024 and 2023.
The average sales price in February 2025 was $2,105,458, up 11.24% from $1,892,679 from the previous month and -10.51% lower than $2,352,722 from February 2024. The February 2025 average sale price was at its lowest level compared to February 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 February 2025 sales price/list price ratio was 99.14%, down from 102.41% from the previous month and down from 107.2% from February 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in February 2025 was 12, down -14.29% from 14 from the previous month and 33.33% higher than 9 from February 2024. The February 2025 sales were at a mid level compared to February 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 February 2025 was 61 days, up 48.78% from 41 days from the previous month and 22.00% higher than 50 days from February 2024. The February 2025 DOM was at a mid level compared with February 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 February 2025 was $605, up 4.67% from $578 from the previous month and 3.95% higher than $582 from February 2024.
Inventory & MSI
The number of properties for sale in February 2025 was 66, up 6.45% from 62 from the previous month and -23.26% lower than 86 from February 2024. The February 2025 inventory was at its lowest level compared with February 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2025 MSI of 5.5 months was at its lowest level compared with February 2024 and 2023.
New Listings
The number of new listings in February 2025 was 26, down -18.75% from 32 from the previous month and -3.70% lower than 27 from February 2024. The February 2025 listings were at its lowest level compared to February 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the February 2025 Westport Market Update:
🏠 Home prices are rising steadily – Median sales price is $1.786M. That's up 11% from last month and 12% from last year.
⏰ Homes are taking longer to sell – Average days on market is now 61, up significantly from 41 last month and 22% higher than last year's 50 days.
📈 Inventory remains tight – 66 homes for sale, up slightly from 62 last month but down 23% from a year ago. Supply is still constrained!
📊 Sales activity softened – 12 homes closed in February, down 14% from last month but up 33% from last year's slower pace.
What Buyers and Sellers Need to Know
✨ Sellers: Price strategically as homes are selling slightly below asking at 99% of list price. The longer days on market suggest buyers are becoming more selective.
🔍 Buyers: You have a bit more negotiating power with homes selling below asking price, but inventory is still limited. Take time to evaluate but don't hesitate on the right property.
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!
