May 2024 Market Report
Westport CT
State of the US Economy
The US economy showed notable resilience in May 2024. The latest jobs report revealed the addition of 272,000 jobs, surpassing expectations and highlighting strong labor market performance. Despite a slight uptick in the unemployment rate to 4%, the labor market remains healthy and continues to influence inflation trends. Inflation remained a key concern, with the Consumer Price Index (CPI) rising by 3.4% year-over-year in April, slightly down from 3.5% in March but still above the Federal Reserve's target. Consequently, the Fed held the federal funds rate steady at 5.25% to 5.5% during its May meeting, with future rate adjustments dependent on further progress toward a 2% inflation rate.
Looking ahead, the US economy faces a complex landscape, balancing strong labor market conditions and moderate wage growth against the need to reduce inflation. The real estate market continued to benefit from stable employment and moderate inflation. In May 2024, the US real estate market demonstrated resilience with a 5.1% year-over-year rise in median home prices to $439,716. Despite a slight increase in the 30-year fixed mortgage rate to 7.1%, the market remained robust due to strong economic conditions and stable employment rates. Connecticut, particularly Fairfield County, mirrored these national trends with strong home prices and sales activity driven by its desirability and proximity to New York City. Improved inventory levels and rapid sales highlighted ongoing demand, indicating a healthy market despite higher borrowing costs.
Westport Real Estate Market - May 2024
Single Family
The Westport real estate market for single-family homes shows significant activity. The market type is categorized as a seller's market with 3.3 months of inventory, a 1.79% decrease month-over-month. The median sold price for single-family homes has risen by 15.04% from the previous month, now at $2,000,000. Homes are selling at 103% of the asking price, with an average of 29 days on the market, reflecting a strong seller’s market.
Condo
The condo market in Westport also displays strong performance. The market is categorized as a seller's market with 4.57 months of inventory, a 5.54% increase month-over-month. The median sold price for condos is $1,270,000, up by 18.85% from the previous month. Condos are selling at 103.3% of the asking price, with an average of 28 days on the market, indicating a robust seller’s market as well.
