Westerly Housing Market Report December 2024•Washington County, Rhode Island

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Housing Prices in Westerly, RI

How much do homes in Westerly, RI cost?

Housing Market Conditions

Is Westerly, RI a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Westerly is a Seller's Market

Difference Since December 2023

Since last year, Westerly has remained a Seller's Market.

Insight

Westerly is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$506,666$306/SqFt
+$47,333
+10.3%

Based on all homes sold in the last 12 months

Insight

Homes in Westerly have sold for 10.3% more than they did a year ago.

Summary: The median home sold price in Westerly was $506,666 in December 2024, up 10.3% from last year, and the median price per square foot was $306.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Westerly
+10.3%
Pawcatuck
+9.0%
Hopkinton
+7.6%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$300K$445K
+48.3%
2$399.9K$437.5K
+9.4%
3$475K$542.5K
+14.2%
4$580K$811.2K
+39.9%
5$527.5K$600K
+13.7%

Summary: Westerly housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +48.3%. The home price for 2 bedroom homes increased by +9.4%. The home price for 3 bedroom homes increased by +14.2%. The home price for 4 bedroom homes increased by +39.9%. The home price for 5 bedroom homes increased by +13.7%.

Housing supply in Westerly, RI

How many homes are available in Westerly, RI?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
69Last MonthDec 2024
992 months agoNov 2024
-30.3 %
Change MoMNov – Dec

Summary: The Westerly real estate market had 69 homes for sale in Dec 2024, a 30.3 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
15Last MonthDec 2024
312 months agoNov 2024
-51.6 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
121
-50.0%
24631
-32.6%
32616
-38.5%
486
-25.0%
51715
-11.8%

Summary: Westerly housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes decreased by -50.0%. The inventory for 2 bedroom homes decreased by -32.6%. The inventory for 3 bedroom homes decreased by -38.5%. The inventory for 4 bedroom homes decreased by -25.0%. The inventory for 5 bedroom homes decreased by -11.8%.

Asking Price vs. Sold Price

How much do homes in Westerly, RI cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price6 Homes

At Asking Price3 Homes

Under Asking Price6 Homes

Insight

If you're buying a home in Westerly, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Westerly in December 2024, down by 51.6% month-over-month. Of the 15 sold homes, 40% were sold under asking, 20% were sold at asking, and and 40% were sold over asking.

Days on Market for Westerly, RI

How long does it take to sell a home in Westerly, RI?

Breakdown of Home Sale Times

Under 30 Days11 Homes

30 – 90 Days2 Homes

Over 90 Days2 Homes

Insight

Many homes in Westerly are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 15 homes were sold in Westerly; 73% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
36 DaysThis YearDec 2024
52 Days1 year agoDec 2023
-30.8 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Westerly had an average listing age of 36 days in Dec 2024, down by 30.8% compared to the previous year.

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Newest Listings in Westerly, RI

What homes are available in Westerly, RI?

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Nearby markets

Popular Cities with Homes for Sale in Rhode Island

MLS Disclaimers and Copyright

Based on information from Rhode Island State Wide MLS, for the period 01/01/2023 - 01/01/2025

Disclaimer: The data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than this broker are marked with the MLS logo and detailed information about them includes the name of the listing brokers. The purchase price of housing stock as shown on this website may vary depending on factors such as fees, commissions, price negotiations, home inspection results, market conditions, etc. This website in no way warrants or represents that submitting an offer to purchase a property for the list price will result in a sale at that price. Please consult with your REALTOR® to discuss how these variations may affect your real estate transaction. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable, but is neither guaranteed nor independently verified. Interested parties must make their own inquiries. Copyright © 2025 State-Wide MLS, Inc. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/29/2025, 3:20:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.