Is Westerly, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$460,500
$297/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Westerly have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Westerly was $460,500 in May 2024, up 3.8% from last year, and the median price per square foot was $297.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195K | $575K | +194.9% |
| 2 Bedrooms | $350K | $399.9K | +14.3% |
| 3 Bedrooms | $444K | $480K | +8.1% |
| 4 Bedrooms | $619.9K | $606.5K | -2.2% |
| 5+ Bedrooms | $560K | $550.5K | -1.7% |
Summary: Westerly housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 194.9%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 8.1%, 4 bedroom homes decreased by 2.2%, and 5+ bedroom homes decreased by 1.7%.
Housing Supply in Westerly, RI
How many homes are available in Westerly, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 112 | 112 | 0.0% |
Summary: The Westerly real estate market had 112 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 3 | -57.1% |
| 2 Bedrooms | 35 | 38 | +8.6% |
| 3 Bedrooms | 46 | 40 | -13.0% |
| 4 Bedrooms | 15 | 18 | +20.0% |
| 5+ Bedrooms | 9 | 13 | +44.4% |
Summary: The Westerly housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 57.1%, 2 bedroom homes increased by 8.6%, 3 bedroom homes decreased by 13%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 44.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 33 | 22 | -33.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westerly, you could pay more than the asking price. 36.4% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Westerly in May 2024, down by 33.3% month-over-month. Of the 22 sold homes, 32% were sold under asking, 32% were sold at asking, and 36% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 33 Days | +17.6% |
Summary: Homes in Westerly had an average of 33 days on market in May 2024, up by 17.6% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 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 May 2024, 22 homes were sold in Westerly; 64% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
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