Westport, CT September 2024 Real Estate Market Update
City: Westport, CT
Assembled by: Judy Michaelis, 203-247-5000
Westport homeowners,
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Westport, CT Real Estate Market & Trends Overview
August, 2024
The overview below shows real estate activity from January 2024 to August 2024. You will see data comparisons between August and the previous month, the last three months and August 2023.
Westport, CT Average and Median Home Sales Prices
August, 2024
The median sales price in August 2024 was $2,450,000, up 22.50% from $2,000,000 from the previous month and 39.20% higher than $1,760,000 from August 2023. The August 2024 median sales price was at its highest level compared to August 2023 and 2022. The average sales price in August 2024 was $3,036,444, up 22.75% from $2,473,675 from the previous month and 26.78% higher than $2,395,105 from August 2023. The August 2024 average sale price was at its highest level compared to August 2023 and 2022.
Westport, CT Sales Price / List Price Ratio
August, 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 August 2024 sales price/list price ratio was 102.36%, equal to the previous month and down from 104.3% from August 2023.
Westport, CT Number of Properties Sold and Absorption Rate
August, 2024
The number of properties sold in August 2024 was 37, up 12.12% from 33 from the previous month and -11.90% lower than 42 from August 2023. The August 2024sales were at its lowest level compared to August 2023 and 2022. Absorption rate is the avg number of sales per month divided by the total number of available properties.
Westport, CT Average Days on Market (DOM)
August, 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 August 2024 was 74 days, up 105.56% from 36 days from the previous month and 76.19% higher than 42 days from August 2023. The August 2024 DOM was at its highest level compared with August 2023 and 2022.
Westport, CT Average Sales Price per Square Foot
August, 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 August 2024 was $576,down -2.04% from $588 from the previous month and 5.11% higher than $548 from August 2023.
Westport, CT Inventory & MSI
August, 2024
The number of properties for sale in August 2024 was 74, down -25.25% from 99 from the previous month and -23.71% lower than 97 from August 2023. The August2024 inventory was at its lowest level compared with August 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better forbuyers. The August 2024 MSI of 2 months was at its lowest level compared with August 2023 and 2022.
Westport, CT New Listings
August, 2024
The number of new listings in August 2024 was 23, down -37.84% from 37 from the previous month and -20.69% lower than 29 from August 2023. The August 2024listings were at its lowest level compared to August 2023 and 2022.
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Based on information from SmartMLS for the period 09/01/2021 through 8/31/2024. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.
