As we enter 2024, we'd like to present a detailed review of the Westport real estate market, highlighting the developments over the past year. Understanding these trends is essential, whether you're looking to buy, sell, or just monitor the market.
2023 Westport Real Estate Market Highlights:
Stable Prices: The average sales price for single-family homes was $2,380,204, a modest increase of 0.65% from year end of 2022.
Reduced Sales: There was a 24.8% decrease in closed sales, with 327 homes sold in 2023.
Scarce Inventory: The number of homes for sale significantly dropped from 77 at the beginning of last year to 46, a 40.3% decrease.
Consistent Market Time: Homes spent an average of 54 days on the market, similar to 2022.
Pending Sales: As of early 2024, 20 homes are in pending status in Westport.
Lower Supply: The inventory supply for months ended at just 1.7 months, down 22.7% from 2022, suggesting possible price increases.
Impact of Rising Interest Rates:
A key factor in 2023 was the significant increase in interest rates, peaking at over 8% in October, the highest in 23 years. This rise, more than doubling since early 2022, has both deterred potential buyers and led sellers to hold onto properties acquired at more favorable rates.
What This Means for You:
Whether you're planning to buy, sell, or simply stay informed, these insights are crucial for understanding the current market dynamics. If you're contemplating a real estate transaction or need advice on navigating these conditions, We are here to offer expert guidance tailored to your specific needs.
We are dedicated to keeping you informed and updated. Should you have any questions or require further details on these market trends, please feel free to contact us. Your real estate objectives are our utmost priority, and we are here to assist you at every step.
