Westerly, RI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Westerly, RI Housing Market Trends

With 22,381 people, 9,827 houses or apartments, and a median cost of homes of $359,662, Westerly real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Westerly, accounting for 64.78% of the town's housing units. Other types of housing that are prevalent in Westerly include duplexes, homes converted to apartments or other small apartment buildings ( 20.43%), large apartment complexes or high rise apartments ( 11.46%), and a few row houses and other attached homes ( 2.77%).

The most prevalent building size and type in Westerly are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.71% owning and 37.29% renting.

There is a lot of housing in Westerly built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Westerly built between 1940-1969 ( 27.41%). A lesser amount of the housing stock also hails from before 1939 ( 23.47%). There's also some housing in Westerly built between 2000 and later ( 13.14%).

Vacant housing appears to be an issue in Westerly. Fully 24.22% of the housing stock is classified as vacant. Left unchecked, vacant Westerly homes and apartments can be a drag on the real estate market, holding Westerly real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Westerly Home Appreciation Rates

Real estate appreciation rates in Westerly's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.37% during the period.

Appreciation rates are so strong in Westerly that despite a nationwide downturn in the housing market, Westerly real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westerly appreciation rates continue to be some of the highest in America, at 11.53%, which is higher than appreciation rates in 80.62% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westerly. Westerly appreciation rates in the latest quarter were at 4.05%, which equates to an annual appreciation rate of 17.23%.

Importantly, this makes Westerly one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Rhode Island, our data show that Westerly's latest annual appreciation rate is higher than 50% of the other cities and towns in Rhode Island.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Westerly differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westerly - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Westerly real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$359,662

Westerly, RI HOME PRICES

> $1,243,000
2.3%
2.3%
$932,001 - $1,243,000
2.5%
2.5%
$621,001 - $932,000
9.5%
9.5%
$497,001 - $621,000
8.3%
8.3%
$373,001 - $497,000
24.5%
24.5%
$249,001 - $373,000
37.0%
37.0%
$124,001 - $249,000
13.1%
13.1%
$62,001 - $124,000
0.3%
0.3%
$0 - $62,000
2.5%
2.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for RI

Value Relative To Nation

Number Of Homes And Apartments:
9,827

Westerly Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
116.76% 3.66%
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,628 / per month

Homeownership Rate

Owners
62.7%
62.7%
Renters
37.3%
37.3%
Vacant
24.2%
24.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.1%
13.1%
1970 - 1999
36.0%
36.0%
1940 - 1969
27.4%
27.4%
1939 or Older
23.5%
23.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.8%
64.8%
Townhomes
2.8%
2.8%
Small Apt. Buildings
20.4%
20.4%
Apt. Complexes
11.5%
11.5%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.5%
3.5%
1 Bedroom
9.0%
9.0%
2 Bedrooms
29.4%
29.4%
3 Bedrooms
36.5%
36.5%
4 Bedrooms
17.3%
17.3%
5 or more bedrooms
4.4%
4.4%
0.0% 100.0%
% OF HOMES