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Low inventory and high prices took centerstage in 2021 — here’s everything you need to know.
Here’s a look back at the market for Westport homes in 2021.
Fewer sellers
This means if you’re looking for houses in Westport, you may want to keep your ear to the ground. If fewer people are selling their Westport homes, it may be time to check your investment opportunities in the area.
Higher prices
Low inventory
Therefore, if you’re looking for houses in Westport, CT, it wouldn’t be a bad idea to contact an experienced local agent and start looking for Westport homes in a serious fashion. Locals can help you with area considerations and keep an eye open for available properties for you. Considering the fact that there are fewer houses in Westport on the market — and that they’re staying on the market for only a couple of weeks — it would be a good idea to get your foot in the door as soon as possible.
Another trend we’re seeing all over the country, including with houses in Westport, is the shortage of housing available. New construction has been at an all-time low since 2008, and a new generation of homebuyers is entering the market, so we expect that prices and demand will stay high. With more demand than supply, the market will likely stay with these trends for the foreseeable future.
Future considerations
These trends could shift the housing market for Westport homes in addition to other luxury destinations around the country. If employees are forced back into the office, we can expect the second or destination homes to go on the market for sale. It’s possible with a push for lower housing prices there will be more supply on the market, and it will be easier to acquire houses in Westport.
On the other hand, it’s possible the market can bear these changes and the housing market will continue to climb. If that is the case, acquiring houses in Westport would be an excellent investment opportunity now. Flipping, selling, or converting the home to a rental property are all high-dollar options you can choose in the future.
2021 was a seller’s market for houses in Westport, and we expect this trend to continue as well. Regardless of shifts in the employee market or buyer pushback, there are only so many available Westport homes. With just under 40 houses sold in the area last year, we can expect that prices will continue to remain high, up to the $4 million mark, and inventory to remain low.
If this is the time to look for Westport homes for yourself or your family, getting into the market search early is recommended. Search local blogs for the best areas and get in touch with a professional local agent to start your search for Westport homes. Be prepared for higher asking prices and fewer options for houses in Westport than we’ve seen in previous years. It seems the market trends apply to Westport homes as well as those in other destination locations around the country.
In short, houses in Westport, CT have undergone the same kinds of changes the rest of the country has seen with the real estate market. There are fewer Westport homes available for sale than in previous years, and with fewer homes being constructed, that’s a fact that’s not likely to change anytime soon. Those houses in Westport that are available stay on the market an average of only 40 days and sell for up to $4 million.
Higher asking prices and low inventory are trends we expect to continue. It’s possible prices and demand will drop in the new year, but we expect that Westport homes will continue to be a hot commodity now and in the future.
Ready to get started with your search for Westport homes or do you have a house you want to sell in 2022? Reach out to local agent Julie Walsh for expert guidance.
