Westerly, RI 02891 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Westerly, RI—02891

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$594,000

3.2% YoY Growth

Household Income

$90,400

39.6% YoY Growth

Days on Market

5.0% Shorter YoY

Home Price Forecast

4.0%

Median Rent

$2,400

11.4% YoY Growth

1-Bed Rent

$1,800

16.9% YoY Growth

2-Bed Rent

$1,900

10.8% YoY Growth

3-Bed Rent

$2,900

19.0% YoY Growth

Home Price Trends — Westerly, RI

As of Dec '25, the median home price in Westerly, RI is $594,000, with a year-over-year change of 3.2%. This indicates that home prices in Westerly, RI are increasing. According to Zillow, the 1-year price projection is 4.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$594,000	3.2%
Single Family	$625,000	3.0%
Condos	$418,000	6.4%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Westerly, RI

As of July '25, Rentcast reports the average rent in Westerly, RI is $2,540, with a year-over-year rent change of 11.4%. Per bedroom, the median rent as of July '25 in Westerly, RI is 1-bedrooms: $1,870, 2-bedrooms: $2,050, 3-bedrooms: $3,070, 4-bedrooms: $3,500. The most common rental property sizes in Westerly, RI are 2-bedroom and 1-bedroom, accounting for 48.3% and 24.5% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,400	$2,540
Studio Rent	N/A	N/A
1 Bed Rent	$1,800	$1,870
2 Bed Rent	$1,900	$2,050
3 Bed Rent	$2,900	$3,070
4 Bed Rent	$3,500	$3,500

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% of Rental Stock

Studio

9.9%

1 Bedroom

24.5%

2 Bedrooms

48.3%

3 Bedrooms

15.2%

4 Bedrooms

1.9%

5+ Bedrooms

0.2%

Property Listings — Westerly, RI

As of Dec '25, Realtor.com reports that the median days on market for a home in Westerly, RI is 51. This is a increase of 5.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 9.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$1,280,000	13.0%
Listing Count	72	10.0%
Listings as % of Homes	0.5%	10.0%
Days on Market	64	-5.0%

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Demographics — Westerly, RI

As of the latest ACS Survey released in 2023, Westerly, RI has a population of 21,700, which has increased by 2.9% over the past 5 years. Westerly, RI is a less popular place for families, as children make up 11.8% of the population. The area has a moderately educated workforce, with 41.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.8% reporting working from home.

Metric	Latest Census	YoY % Change
Population	21,700	2.9%
% Under 18	11.8%	-31.8%
% Seniors	29.4%	38.0%
% WFH	8.8%	183.9%
% w/ College Degree	41.4%	22.1%

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As of the latest ACS Survey released in 2023, Westerly, RI is a predominantly white area, with 90.1% of the population identifying as white. The white population has shrunk by 0.4% in the last 5 years. The second most common race or ethnicity in Westerly, RI is hispanic, making up 3.0% of the population. Foreign-born residents account for 5.3% of the population in Westerly, RI, and this percentage has decreased by 25.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	90.1%	-0.4%
% Black	0.9%	-30.8%
% Hispanic	3.0%	-3.2%
% Asian	2.9%	-9.4%
% Foreign Born	5.3%	-25.4%

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Mortgage and Risk — Westerly, RI

According to HUD data as of 2023, there were 418 mortgage originations in Westerly, RI, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Westerly, RI. Investor activity is low, as 3.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	418
% Conventional Loans	89.0%
% Government Loans	11.0%
% Investor Loans	3.0%
% Second Loans	16.0%
% Cash Out Refinance	11.0%

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Rentals and Section 8 — Westerly, RI

As of 2024, the percent of homes in Westerly, RI under the Section 8 program is 17.6%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Westerly, RI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.

Section 8 Market Size

Total Units under HUD	598
Total Units Section 8	447
% Rentals under Section 8	17.6%
% Occupied Section 8	90.3%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$460	$1,800	$1,340
2 Bedroom	-$270	$1,900	$1,630
3 Bedroom	-$860	$2,900	$2,040
4 Bedroom	-$990	$3,500	$2,510

Westerly, RI—02891

Key Metrics at a Glance

Home Price Trends — Westerly, RI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Westerly, RI

% of Rental Stock

Property Listings — Westerly, RI

Demographics — Westerly, RI

Race and Ethnicity

Mortgage and Risk — Westerly, RI

Mortgages

Rentals and Section 8 — Westerly, RI

Section 8 Market Size

Section 8 Opportunity

Affordability — Westerly, RI

Home Price to Income Ratio

Westerly, RI — ZIP Code Boundary Map

Nearby ZIP Codes

Stonington, CT

Bradford, RI

Hopkinton, RI

Stonington, CT

Hopkinton, RI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	5.6
Median Home Price	$594,000
Median Household Income	$90,400

Westerly, RI—02891

Key Metrics at a Glance

Home Price Trends — Westerly, RI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Westerly, RI

% of Rental Stock

Property Listings — Westerly, RI

Demographics — Westerly, RI

Race and Ethnicity

Mortgage and Risk — Westerly, RI

Mortgages

Rentals and Section 8 — Westerly, RI

Section 8 Market Size

Section 8 Opportunity

Affordability — Westerly, RI

Home Price to Income Ratio

Westerly, RI — ZIP Code Boundary Map

Nearby ZIP Codes

Stonington, CT

Bradford, RI

Hopkinton, RI

Stonington, CT

Hopkinton, RI

Frequently Asked Questions

What is the average home price in Westerly, RI 02891?

How have home prices in Westerly, RI 02891 changed over the past year?

What is the home price projection for Westerly, RI 02891?

What are the demographics of Westerly, RI 02891?

How long does it take homes to sell in Westerly, RI 02891?

What is the average rent price in Westerly, RI 02891?