$5,641 Closing Credit*
$475,000
7 Beds
•3 Full Baths
Listing Office: Coldwell Banker Coastal Homes
Is Westerly, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$500,000
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$40,666(+8.9%)
Key Takeaway
Homes in Westerly have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in Westerly was $500,000 in October 2024, up 8.9% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $300K | $555K | +85.0% |
| 2 Bedrooms | $400.5K | $413.5K | +3.2% |
| 3 Bedrooms | $475K | $532.5K | +12.1% |
| 4 Bedrooms | $580K | $751K | +29.5% |
| 5+ Bedrooms | $560K | $565K | +0.9% |
Summary: Westerly housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 85%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 29.5%, and 5+ bedroom homes increased by 0.9%.
Housing Supply in Westerly, RI
How many homes are available in Westerly, RI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 124 | 122 | -1.6% |
Summary: The Westerly real estate market had 122 homes for sale in October 2024, a 1.6% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 39 | 44 | +12.8% |
| 3 Bedrooms | 56 | 48 | -14.3% |
| 4 Bedrooms | 9 | 9 | 0.0% |
| 5+ Bedrooms | 16 | 18 | +12.5% |
Summary: The Westerly housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 12.8%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 31 | 29 | -6.5% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westerly, you could pay more than the asking price. 44.8% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in Westerly in October 2024, down by 6.5% month-over-month. Of the 29 sold homes, 38% were sold under asking, 17% were sold at asking, and 45% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 30 Days | 38 Days | +24.9% |
Summary: Homes in Westerly had an average of 38 days on market in Oct 2024, up by 24.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
11 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 October 2024, 29 homes were sold in Westerly; 55% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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