This paper considers the use of routerless networks-on-chip as an alternative on-chip interconnect for multiprocessor systems requiring hard real-time guarantees for inter-processor communication. It presents a novel analytical framework that can provide latency upper bounds to real-time packet flows sent over routerless networks-on-chip, and it uses that framework to evaluate the ability of such networks to provide real-time guarantees. Extensive comparative analysis is provided, considering different architectures for routerless networks and a state-of-the-art wormhole network based on priority-preemptive routers as a baseline.