Westport, located in Fairfield County, Connecticut resides on the shore of Long Island Sound. Known for it's beaches, you will also find numerous upscale restaurants and shops along with live theater. Westport is home to 26,500 people with a median income of $165,000. 51% are long term residents and the median age is 45.
This graph above shows the number of homes sold in Westport each month for the past 3 years with the yellow bars representing the current year. Westport home sales are down this past May in comparison with the previous two years. Due to the severity of this past winter, home sales have dropped these past 2 months based on the sales occurring during February and March where Westport accumulated a sizable amount of snow.
As this graph indicates the stronger a market gets, the more competitive bidding exists, the closer your sales price will move to your list price. Therefore, as you can tell, the Westport Real Estate Market has decreased slightly. The prices of homes being sold in Westport are not being sold closer to asking price. They are down comparatively from April as well as down slightly from this time last year.
The above graph shows the average number of days a house will spend on the market last year by town in Fairfield County. The number of days a house in Westport spends on the market is fairly average for the towns surrounding it in Fairfield County. It spends more time on the market than in Danbury and Norwalk, and is sold quicker than in Weston and Newtown. The number of days on market is only slightly higher than Ridgefield and Wilton.
The graph above displays the average price a house was sold for each month in a specific town. Westport homes are averaging at about $1,500,000 for the past three months and have been relatively stable during that time period but dramatically down from this past January.
The graph above shows the types of houses that were sold in the past year in Westport. Colonial is an extremely popular choice and well over 200 houses of this style have been sold which is very high comparatively. Less than 50 of each other style of house was sold in this same time period.
The most recent stock market collapse was during 2008. A steady decrease in average sale prices for homes in Westport can be clearly seen above when it was difficult to buy houses at such previously high rates.
Despite the most recent stock market crash occurring 7 years ago, the economy has not completely recovered. However, this graph above showing the average sale prices for homes in Westport has quickly begun to increase since 2013 as seen in the upward linear trend line. This past January the average sale price was actually higher than it had been even in 2007 before the stock market dropped significantly.