Westlake appreciation rates and housing market information

Westlake housing market information

With 31,856 people, 13,691 houses or apartments, and a median cost of homes of $247,918, Westlake real estate is some of the most expensive in Ohio, although Westlake home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Westlake, accounting for 60.68% of the city's housing units. Other types of housing that are prevalent in Westlake include large apartment complexes or high rise apartments (29.30%), row houses and other attached homes (6.71%), and a few duplexes, homes converted to apartments, or other small apartment buildings (2.81%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Westlake. Owner-occupied housing accounts for 70.56% of Westlake's homes, and 55.83% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Westlake built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Westlake built from 1940-1969 (26.50%). A lesser amount of the housing stock also hails from 1995 and later (9.67%), and some were built from 1939 and earlier (9.67%).

Westlake home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Westlake, where house values have increased just 20.85%, which is an average annual increase of 2.08%. NeighborhoodScout's data show that in the latest quarter, Westlake house values appreciated 2.30%, which is an annualized rate of 9.20%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

Over the last year, Westlake appreciation rates have trailed the rest of the nation. In the last twelve months, Westlake's appreciation rate has been -1.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Westlake were at 2.30%, which equates to an annual appreciation rate of 9.20%.

Importantly, this makes Westlake one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Ohio, our data show that Westlake's latest annual appreciation rate is higher than 11% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Westlake differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westlake - 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 Westlake real estate investment or home purchase decisions.