The Westerly Real Estate Market Report is a monthly statement of the median sales price for homes, the number of sales, the average price per square foot for homes, the number of homes for sale, and the average listing price of Westerly homes for sale.
According to zillow.com, the median home value in Westerly RI is $282,800. Westerly home values have declined -2.0% over the past year and Zillow predicts they will fall -0.8% within the next year.
The median price of homes that sold is $288,000.
Foreclosures will be a factor impacting home values in the next several years. In Westerly 0.8 homes are foreclosed (per 10,000). This is lower than the national value of 5.0
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in 02891 is 7.3%, which is lower than the national value of 8.0%.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Westerly homeowners underwater on their mortgage is 12.9%.
According to trulia.com, there are currently 328 resale and new homes in Westerly, including 42 open houses, as well as 52 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in Westerly was $620,695 for the week ending Feb 26, which represents a decrease of 8.5%, or $57,812, compared to the prior week.
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RE/MAX Coast and Country
Olde Mistick Village
27 Coogan Boulevard
Mystic, CT 06355
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Office: (860) 536-7600