W
estport's housing market experienced a surge during the COVID-19 pandemic, with more people moving to the area than any other place in Connecticut that year. The strong market is expected to continue.

    According to KMS Team at Compass, the median sales price for 308 homes sold in 2024 was $2,150,000, a 6.7% increase from the previous year. However, as prices rise, the number of homes on the market shrinks, with only 308 properties available, the lowest in over a decade.

    The average sales price in 2024 was $2,483,276, more than $100,000 higher than the 2023 average. The average price per square foot also increased to $571 from $565. Despite stronger new listings, Westport's inventory of homes for sale remains tight, with less than a month's supply available in the under-$2 million range.

    KMS Team's Michael Mombello attributes the low inventory to people staying put due to locked-in loans under 3% and empty nesters wanting to downsize but struggling to find suitable properties. The most expensive property on the market is 120-122 Beachside Avenue, listed at $25 million.

    The pool of potential buyers remains strong, with residents who moved to town recently seeking to purchase, city dwellers looking for a suburban lifestyle, and grandparents wanting to move closer to their families. This demand has driven up prices, with most homes listed for sale over $3 million and an average list price of $4,503,981.

    For 2025, KMS Team at Compass expects new inventory to hit the market before the traditional spring selling season but believes it will remain tight in lower price ranges. Buyers seeking homes under $3 million need to be prepared to act fast, while the luxury market is expected to be neutral from a buyer-seller standpoint.

    Mortgage rates are also a concern, with KMS Team at Compass advising clients that today's interest rates are "the new normal" compared to the unprecedented low rates of 5 years ago. Realtor Michael Mombello notes trends in new construction, including a focus on tasteful landscaping and unique character, as well as a growing interest in houses with distinct features and great quality.

    The least expensive single-family home in Westport is currently listed for $899,900 at 65 Grove Point Road. Accessory dwelling units continue to gain popularity, and there is ongoing chatter about new apartment buildings, condo complexes, and property subdivisions, driven by demand from potential buyers.