Westfield appreciation rates and housing market information

Westfield housing market information

With a population of 29,644, 10,819 total housing units (homes and apartments), and a median house value of $734,026, Westfield house prices are not only among the most expensive in New Jersey, Westfield real estate also is some of the most expensive in all of America.

single-family detached homes are the single most common housing type in Westfield, accounting for 77.65% of the town's housing units. Other types of housing that are prevalent in Westfield include duplexes, homes converted to apartments, or other small apartment buildings (11.86%), large apartment complexes or high rise apartments (8.44%), and a few row houses and other attached homes (1.98%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Westfield. Owner-occupied housing accounts for 80.14% of Westfield's homes, and 64.92% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Westfield's housing was primarily built during this period, from the '40s through the '60s. A full 46.58% of the town's housing hails from this era. Other housing ages represented in Westfield include homes built between 1939 and earlier (41.85%), and housing constructed from 1970-1994 (9.53%). There's also some housing in Westfield built between 1995 and later (2.04%).

Westfield home appreciation rates

In the last 10 years, Westfield has experienced some of the highest home appreciation rates of any community in the nation. Westfield real estate appreciated 119.49% over the last ten years, which is an average annual home appreciation rate of 11.94%, putting Westfield in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Westfield definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Westfield appreciation rates have trailed the rest of the nation. In the last twelve months, Westfield's appreciation rate has been -4.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Westfield were at -0.40%, which equates to an annual appreciation rate of -1.60%.

Relative to New Jersey, our data show that Westfield's latest annual appreciation rate is higher than 84% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Westfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Westfield real estate investment or home purchase decisions.