Westwood continues to be a desirable suburban community, blending a strong local economy with excellent schools and amenities. October 2024 brought notable shifts in the housing market, marked by rising prices and an increase in available inventory.
Key Market Statistics
- Median Sale Price: $1,435,000 (up, indicating growing home values)
- Average Days on Market: 51 days (an increase, signaling slower sales cycles)
- Number of Homes Sold: 9 (a decline, reflecting reduced buyer activity)
- Active Listings: 32 (up, offering buyers more choices)
Trends and Insights
Westwood’s median sale price continued to rise, reinforcing its appeal to buyers seeking upscale homes. The increase in inventory offers more options but could contribute to longer timeframes for sellers to close. Fewer sales this month suggest that buyers are navigating rising prices and possibly higher mortgage rates, leading to more deliberate decision-making.
Why Westwood?
Westwood’s excellent schools, commuter convenience via I-95 and Route 128, and vibrant local amenities, like University Station, make it a perennial favorite for families and professionals. Its mix of classic New England charm and modern conveniences ensures consistent interest from buyers.
Buyer and Seller Tips
- For Buyers: Leverage the increased inventory to explore options but plan strategically with pre-approvals in a high-price environment.
- For Sellers: Be patient and price competitively as longer market times may be the norm this season.
October’s trends confirm Westwood’s strength as a stable and attractive real estate market, balancing demand and opportunity.