Is Westerly, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Westerly has remained a Seller's Market.
Key Takeaway
Westerly is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Westerly, RI
How much do homes in Westerly, RI cost?
Median Sold Price
$461,833
$295/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Westerly have sold for 6.9% more than they did a year ago.
Summary: The median home sold price in Westerly was $461,833 in March 2024, up 6.9% from last year, and the median price per square foot was $295.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $189.5K | $300K | +58.3% |
| 2 Bedrooms | $350K | $399.9K | +14.3% |
| 3 Bedrooms | $432K | $491K | +13.7% |
| 4 Bedrooms | $620K | $619.9K | 0% |
| 5+ Bedrooms | $684.9K | $540K | -21.2% |
Summary: Westerly housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 58.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 13.7%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 21.2%.
Housing Supply in Westerly, RI
How many homes are available in Westerly, RI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 78 | 91 | +16.7% |
Summary: The Westerly real estate market had 91 homes for sale in March 2024, a 16.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 19 | 16 | -15.8% |
| 3 Bedrooms | 33 | 44 | +33.3% |
| 4 Bedrooms | 13 | 16 | +23.1% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Westerly housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 15.8%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 21 | +75.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westerly, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Westerly in March 2024, up by 75.0% month-over-month. Of the 21 sold homes, 57% were sold under asking, 24% were sold at asking, and 19% were sold over asking.
Days on Market for Westerly, RI
How long does it take to sell a home in Westerly, RI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 44 Days | 46 Days | +6.3% |
Summary: Homes in Westerly had an average of 46 days on market in Mar 2024, up by 6.3% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Westerly are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 21 homes were sold in Westerly; 48% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
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