Westerly, RI Market Report — April 2026

• Median Sale Price is $655,000, reflecting a 31.8% increase QoQ and a 28.6% increase YoY.
• Closed Sales totaled 27, an increase of 35.0% QoQ and 35.0% YoY.
• Active Inventory reached 95 units, up 18.8% QoQ and 55.7% YoY.
• New Listings rose to 50, a 42.9% increase QoQ, though down 2.0% YoY.
• Median DOM (Closed) increased to 34 days, a 33.3% rise QoQ.
• Listing Velocity Ratio of 1.85 indicates that inventory is building rapidly.

Pricing precision in Westerly remains high, as evidenced by the 99.1% average sale-to-list ratio. This metric measures the close price relative to the list price at the time of sale, indicating that buyers are securing minimal concessions from sellers. The local median sale price of $655,000 stands 29.7% above the Rhode Island state median of $505,000.

Trend momentum shows the median sale price has increased for 1 consecutive month. The current $655,000 sits 15.5% above the 3-month average of $567,000 and 16.0% above the 6-month average of $564,750, confirming current upward pressure. The median price per square foot of $422.77, a 6.9% increase YoY, confirms these pricing trends are broad-based.

• For Listing Agents: Pricing strategy should remain disciplined; the 99.1% sale-to-list ratio confirms that well-priced homes are capturing nearly the full asking price.
• For Buyer Agents: Given that 59% of properties sold at or above list price, buyers must be prepared to submit clean, competitive offers to succeed.

Current inventory levels reflect 95 active listings, comprised of 50 new entries against 27 closings. The listing velocity ratio—the number of new listings per closed sale—is 1.85, a signal that inventory is building rapidly as new supply outpaces absorption. With 3.5 months of supply, Westerly is currently classified as a balanced/neutral market (3–6 months range).

Compared to April 2025, active inventory is up 55.7% (from 61 to 95). Regarding property type volume, 35 single-family homes were listed, compared to 3 multi-family and 4 condo units.

• For Listing Agents: With the velocity ratio at 1.85, competition from new inventory is increasing; ensure properties are positioned competitively at launch.
• For Buyer Agents: The 3.5 months of supply provides a wider selection than in previous periods; use this increased inventory to your advantage during the offer phase.

The median DOM (closed) is 34 days, a 33.3% increase QoQ (from 26 days). Compared to the Rhode Island state benchmark of 26 days, local properties are selling 30.8% slower. Sellers who reduced their original list price before closing did so by an average of 3.5%. Active inventory remains relatively fresh, with a median DOM (active) of 28.5 days.

• For Listing Agents: The 3.5% average price reduction indicates that properties priced too aggressively relative to the market will see longer days on market; ensure initial pricing aligns with the current competitive landscape.
• For Buyer Agents: The 34-day median DOM suggests a standard closing timeline, though rising DOM vs the state benchmark may signal opportunities for more thorough due diligence.

Westerly is currently a Seller-Leaning market (score 1/5). This assessment is supported by the 99.1% sale-to-list ratio, the 59% of sales at or above the list price, and the 3.5 months of supply. While the supply level is balanced, the persistent buyer demand relative to existing inventory keeps the advantage with sellers.

• For Listing Agents: Properties hitting the market now are finding success in a high-demand, low-supply environment.
• For Buyer Agents: Expect limited negotiating room on asking prices, particularly for homes that are turn-key.

Upward price momentum is present, with 1 consecutive month of median price increases. The current $655,000 sits 15.5% above the 3-month average of $567,000 and 16.0% above the 6-month average of $564,750. However, the listing velocity ratio of 1.85 shows inventory is building rapidly. If the current velocity of 1.85 persists, we expect the inventory of 95 units to continue growing, which may eventually soften price appreciation if demand does not accelerate proportionately.

This report utilizes data from the RealAnalytica MLS analytics suite (riar) for the city of Westerly, RI, for the period of 2026-04-01 to 2026-04-30. There were 27 closed sales recorded. Because the transaction count is below 30, median figures are subject to volatility. CLOSED SALES and INVENTORY metrics represent different property populations and should not be compared as a singular "gap" metric.