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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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 a population of 23,298, 10,507 total housing units (homes and apartments), and a median house value of $484,063, 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 67.63% 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 ( 17.63%), large apartment complexes or high rise apartments ( 12.07%), and a few row houses and other attached homes ( 2.41%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westerly. Owner-occupied housing accounts for 69.68% of Westerly's homes, and 54.15% have either three or four bedrooms, which is average sized relative to America.

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 before 1939 ( 24.81%). A lesser amount of the housing stock also hails from between 1940-1969 ( 23.77%). There's also some housing in Westerly built between 2000 and later ( 11.36%).

Vacant housing appears to be an issue in Westerly. Fully 22.74% 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 6.01% during the period.

NeighborhoodScout's data show that during the latest twelve months, Westerly's appreciation rate, at 5.45%, has been at or slightly above the national average. In the latest quarter, Westerly's appreciation rate has been 3.88%, which annualizes to a rate of 16.44%.

Relative to Rhode Island, our data show that Westerly's latest annual appreciation rate is higher than 60% 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

$484,063

Westerly, RI Home Prices
> $1,472,000
$1,104,001 - $1,472,000
$736,001 - $1,104,000
$589,001 - $736,000
$442,001 - $589,000
$295,001 - $442,000
$147,001 - $295,000
$74,001 - $147,000
$0 - $74,000
2.6%
2.6%
2.5%
2.5%
10.9%
10.9%
12.8%
12.8%
31.3%
31.3%
30.8%
30.8%
6.3%
6.3%
0.6%
0.6%
2.2%
2.2%
0% 100.0%
% of Homes
Average

for Rhode island

Very High

for nation

Number of Homes And Apartments:

10,507

Westerly Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,356 / per month

Homeownership Rate

Owners
Renters
Vacant
69.7%
69.7%
30.3%
30.3%
22.7%
22.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.4%
11.4%
40.1%
40.1%
23.8%
23.8%
24.8%
24.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.6%
67.6%
2.4%
2.4%
17.6%
17.6%
12.1%
12.1%
0.3%
0.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.0%
4.0%
8.1%
8.1%
28.0%
28.0%
38.6%
38.6%
15.5%
15.5%
5.7%
5.7%
0% 100.0%
% of Homes