Westerly, RI—02891
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Westerly, RI
As of Oct '25, the median home price in Westerly, RI is $591,000, 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 3.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $591,000 | 3.2% |
| Single Family | $618,000 | 2.5% |
| Condos | $423,000 | 5.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $344,000 | 3.3% |
2 Bed | $463,000 | 3.6% |
3 Bed | $572,000 | 3.4% |
4 Bed | $791,000 | 2.6% |
| 5 Bed | $2,481,000 | 5.7% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Westerly, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Westerly, RI is 50. This is a increase of 22.0% 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 | $884,000 | -15.0% |
Listing Count | 107 | 9.0% |
| Listings as % of Homes | 0.5% | 9.0% |
Days on Market | 50 | 22.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Westerly, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $591,000 |
| Median Household Income | $90,400 |