The median sale price of a Westport home is climbing toward $2 million.
The cost of new builds is even higher.
Which is why the appeal of older homes — those with “good bones” and timeless charm — has never been higher.
Our friends at KMS Team at Compass say that a growing number of buyers are bypassing new construction, in favor of the town’s historic and vintage homes.
There are several reasons.
One is affordability and value. Buyers get more space, character and land for their investment, compared to new builds.
This Clapboard Hill Road property includes the original home, and an expansion. Perimeter trees ensure privacy, on the corner of Greens Farms Road.
With a recent increase in housing inventory, and homes staying on the market for an average of 45 days, buyers have more choices and negotiating power than in recent years.
Purchasing an older home can mean a lower property tax basis too — especially if the assessed value is less than a comparable new build.
This translates into significant savings over time, making historic properties even more attractive to price-conscious buyers.
Architectural character and historic charm are considerations as well. Homes in historic districts like Kings Highway North and Old Hill — where they date back to the 19th, even 18th, centuries — feature original woodwork, wide-plank floors and hand-crafted mantels — that are difficult (and costly) to replicate today.
Iconic properties like the Allen and John Osborn Houses showcase enduring craftsmanship and unique design that help define Westport’s architectural heritage.
The John Osborn House – the oldest home in Westport, located on Long Lots Road — took years to restore. It is believed to have been built between 1683 and 1687. (Photo by Larry Untermeyer)
Many of Westport’s older homes are situated on larger lots, with mature trees and landscaping.
They’re often in walkable, established neighborhoods close to the Saugatuck River, downtown and beaches. They offer a sense of community and history that new subdivisions often lack.
Of course, some historic homes need “rehabilitation.” Owners may qualify for Conncticut’s Historic Homes Rehabilitation Tax Credit, which covers up to 30% of qualified expenses (to $30,000).
The home must be a primary residence with a historic designation, and the project must meet certain criteria.
Restoring a historic Westport home — from updating kitchens and bathrooms to restorin original features — means blending modern comfort with classic style.
The rewards are personal. But they also contribute to the town’s legacy.
Today that appeals to homebuyers in Westport of all ages, and from here and far.
(You can see some of those historic, restored properties on our 3rd annual “Historic Homes Tour,” sponsored by “06880” and KMS Team at Compass. The date is November 2. Details will be announced soon.)