Westport’s Real Estate Market Sees a Surge in New Listings

Westport’s real estate market recently experienced its most successful week of the year for new property listings. However, despite this positive development, the month ended with historically low inventory levels in single-family homes, the lowest in over two decades.

Previously, Westport real estate was considered a buyer’s market, with an abundance of available properties. In 2019, homes remained on the market for an average of 122 days, and when sold, they typically received a 5.2% discount from the list price. To stay competitive, sellers were encouraged to list their homes before the traditional “spring” market.

Over the past year, the demand for Westport homes has skyrocketed during the turbulent pandemic era. Homes have been selling quickly, often at prices higher than the listing price, despite the diminishing inventory. This shift has transformed Westport into a sellers’ market, with prices continuing to rise even as inventory levels decline.

The low inventory can be attributed to various factors, according to the KMS Team at Compass. Some newer homeowners are unable to afford moving again due to historically low mortgage rates they locked into, which would be rendered prohibitive with higher interest rates. Long-term homeowners who have refinanced at favorable rates also choose to stay and avoid potential higher monthly mortgage payments.

Additionally, many residents have developed strong attachments to their schools, town, and neighborhoods, prompting them to renovate or expand their current homes rather than downsize or relocate. Others who can afford to purchase a residence elsewhere still opt to retain their property in Westport.

Looking ahead, the KMS Team predicts that the number of new listings in the coming months will match or surpass the total from April. However, they anticipate a slowdown in July and August as Westporters enter vacation mode, with the pace likely picking up again in September and October. Ideally, realtors and potential buyers hope that the increase in listings will meet the ongoing demand in the market, bringing more opportunities for buyers and sellers alike.







1. 买方市场:房地产市场中供大于求,有利于买家的市场环境。
2. 卖方市场:房地产市场中需求大于供应,有利于卖家的市场环境。

1. 西港市政府
2. KMS Team官网