2017 was kind to the Westport, CT real estate market.
Not only did the median sales price increase but so too did the number of units sold.
In 2016, the median sales price was $1,285,000. This increased to $1,315,000 in 2017 – a 2.33% increase.
“Although this isn’t a massive increase,” noted Christine Finch Oleynick, a real estate agent that specializes in Westport real estate, “it is in fact slightly above the rate of inflation, and positive news for home owners.”
But not only are median sales prices up, the number of units sold is up as well.
In 2016, there were 367 residential real estate transactions in Westport. In 2017, there were 433 – a 19% increase.
This is significantly better performance than peer towns.
“Greenwich and Westport are very similar in many respects,” said Chadwick Ciocci, founder of Chilton & Chadwick, “and while in Greenwich we saw a larger sales price increase (13% vs. 2.33%) we saw a much higher increase in units sold in Westport (3% vs. 19%).”
This may reflect the better value to be found in Westport, where the average sales price in 2017 was $1,532,674 as opposed to Greenwich, where that number was $2,144,120.
To read more about how the Greenwich, CT real estate market performed in 2017, click here.
The luxury market (defined as $3.5M and above) remained stable in 2017 in Westport.
In 2016 there were 17 such sales, and in 2017 there were 16.
The most expensive sale in 2016 was at 55 Beachside Avenue for $8,800,000. In 2017, 279 North Avenue took that slot at $7,000,000.
The top 5 most expensive sales in Westport last year were:
1. 15 Green Acre Lane - $5,500,000
2. 39 Compo Parkway - $5,985,000
3. 75 Beachside Avenue - $6,575,000
4. 5 Judy Point Lane - $6,900,000
5. 279 North Avenue - $7,000,000
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