Westerly's real estate market is experiencing a price correction, with values down 24.4% from last year. Home prices have decreased 24.4% in the past month. At the current pace, all available homes in Westerly would sell out in just 1.1 months, indicating a continued supply shortage. Properties are selling within just 22 days on average, much faster than the historical norm of 45 days. Only 7.7% of listings saw price reductions, suggesting sellers are confident in their pricing. Approximately 25.0% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Westerly market with the affordability index at 107.3. Based on current market indicators, home prices in Westerly are projected to increase by approximately 4.9% over the next month.