Westport’s housing market surged during COVID.
In fact, more people moved here that year than to any other place in Connecticut. And that’s raw numbers — not percentages.
Could the strong market continue?
Yes.
Our friends at KMS Team at Compass say that for the 308 homes sold in 2024, the median sales price was $2,150,000. That’s 6.7% higher than the previous year.
But as prices rise, the number of homes on the market shrinks. Those 308 properties were the lowerst in over a decade.
In 2023, 327 homes were sold. Three years earlier — at the height of the pandemic — 639 houses changed hands.
The average sales price in 2024 wsa $2,483, 276. That’s more than $100,000 over the 2023 average of $2,380,204.
The average price per square foot edged up too: $571, from $565.
The median sales price of $2.15 million was up too: $135,000 higher than the year before.
The graph below shows details:
Meanwhile, despite stronger new listings than the prior December, Westport’s inventory of homes for sale remains very tight.
With less than 1 month’s sales quantity on the market in the under-$2 mllion range (8 properties), home buyers have little to choose from.
Why are so few homes on the market?
KMS Team’s Michael Mombello explains, “People are staying put, because they are locked into loans under 3%.”
In addition, many empty nester want to downsize or “rightsize.” But, Momebello says, “they are extremely picky. They do not want to give up a certain standard that they have achieved, living in a town with incredible amenities.
“They would go smaller. However, there is nothing on the market to look at. Many want to purchase and know where they are going before they list the home they raised a family in.” So the tight housing market continues.
120-122 Beachside Avenue remains the most expensive property on the Westport market. Listed at $25 million, the 5-bedroom, 6-bathroom home on 6 1/2 waterfront acres includes a tennis pavilion, manicured garden entry, and cobblestone courtyard with fountain.
Meanwhile, the pool of potential buyers remains strong. Residents who moved to town recently now want to purchase. More city dwellers are ready to come to the suburbs. Grandparents want to move closer to their children and grandkids.
All of those factors have helped raise prices. The majority of homes listed for sale are over $3 million, bringing the average list price to $4,503,981.
The median price is only slightly less: $4,100,000. See the graph below for details.
As for 2025: While KMS Team at Compass expects new inventory to hit the market in advance of the traditional spring selling season, they believe it will remain tight in the lower price ranges.
Competition will remain fierce for Westport homes priced under $3 million. Buyers seeking homes in this range need to be prepared, and ready to act fast.
The luxury market, they say, will be “neutral from a buyer-seller standpoint. Buyers in this range typically have the wherewithal to wait for the right property, at the right price, and sellers of these properties do not ordinarily need to unload their property quickly.”
Mortgage rates are always a concern. Karen Scott says KMS Team at Compass is telling clients that today’s interest rates are “the new normal,” compared to the unprecedented low rates of 5 years ago.
“We don’t expect much fluctuation in rates,” she says. “Buyers should work with their mortgage brokers and lenders to determine what options are best for their personal situations.”
The least expensive single-family house in Westport right now is 65 Grove Point Road, off Hillspoint. The 3-bedroom, 2-bathroom, 1,722-square foot home was built in 1935. It is listed for $899,900.
Looking at new construction trends, Mombello says, “the white house is a New England classic. It’s not going anywhere. I do think shutters will make a comeback, as a way of distinguishing your front facade.”
He sees a great emphasis now on “tasteful, pulled back, not overly wrought landscaping.”
Mombello notes too a growing interest in houses with “a distinct or unique character. Not so cookie-cutter, and with hallmarks of great quality and authenticity.”
He observes “more room separation again, for a cozier feel,” with “fewer requests for full-on, sterile open floor plans.”
Great natural light is still extremely valuable, Mombello says. “Let the outside in!”
People love move-in or turnkey conditions. However, he notes, “if it has charm and is in a prime location, they will take on othe updates themselves, over time.”
Large homes are not all that realtors sell, of course. Accessory dwelling units continue to increase in popularity.
Chatter continues in town about new apartment buildings, potential condo complexes and property subdivisions.
“Builders and developers would not propose these developments if there wasn’t demand for them,” Scott says.
(Since 2009, “06880” has reported on Westport’s often-changing real estate market. If you appreciate this coverage — or anything else on our blog — please click here to support our work. Thanks!)