A reader writes: “Since returning to Westport 5 years ago, I have heard people say ‘New Yorkers ruined this town.’
“Having lived in several other places, I know for sure that this is not a ‘ruined’ town! But I wonder: Is there any data on the makeup of Westport? How many people have lived here 20+ years? Where are new residents coming from? Is Westport really ‘overrun’ with New Yorkers?”
Good questions, all. For answers, I turned to our friends at KMS Team at Compass.
Their data for the last 5 years shows that a clear majority — 58% — come from … Connecticut.
And some — perhaps even many — of those moves involve residents already living in Westport. For reasons ranging from a need for more space (or less) to a desire to experience a different part of town, they sell and buy properties only a couple of miles away.
It’s true that New York is the most popular outside feeder state for Westport. But KMS agents say that many of those buyers are returning home. They grew up in Fairfield County — some even in Westport — and then moved to New York as they began careers and families.
Longevity is also challenging to measure. But using the SmartMLS Tax System, KMS says: “Because we know people continually move within the town, it is safe to say that 20% of Westporters have lived here over 25 years, and 50% have been here at least 10 years.
“Although nearly a quarter of our housing stock changed hands in the last 5 years, a mere 6.4% of the buyers (646) were from New York.”
The chart above also provides interesting school district data. While KMS notes that many clients have an affinity for one elementary school, the staying power within each district is essentially the same.
Median sales prices within the districts, however, have changed dramatically:
Home selling prices are influenced by the quality and availability of homes for sale. This data is obtained from the SmartMLS. KMS says that private sales are not reflected in these numbers. Off-market transactions have become increasingly popular since the onset of COVID, and persist as clients value their right to privacy and discretion.
New home construction and custom builds (which are also often off-market transactions) are also a factor.
As the market remains tight, buyers are pleased to close sales.
Wherever they come from.
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