Westerly's real estate market is experiencing a price correction, with values down 5.6% from last year. The median home price in Westerly currently stands at $517,500. At the current pace, all available homes in Westerly would sell out in just 1.5 months, indicating a continued supply shortage. Transaction volume is up 33% compared to what's typically expected this time of year. Approximately 31.3% 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 170.9. Based on current market indicators, home prices in Westerly are projected to decrease by approximately 18.4% over the next month.