Westfield, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Westfield, IN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Westfield Housing Market Information

With a population of 37,221, 11,716 total housing units (homes and apartments), and a median house value of $268,982, Westfield real estate is some of the most expensive in Indiana, although Westfield home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Westfield, accounting for 78.27% of the town's housing units. Other types of housing that are prevalent in Westfield include large apartment complexes or high rise apartments ( 10.75%), row houses and other attached homes ( 5.28%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.14%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westfield. Owner-occupied housing accounts for 79.29% of Westfield's homes, and 73.18% have either three or four bedrooms, which is average sized relative to America.

Westfield homes and real estate are some of the newest in America. 55.41% of Westfield's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Westfield real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 37.02%), and between 1940-1969 ( 5.18%). There's also some housing in Westfield built before 1939 ( 2.39%).

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 25.55% over the last ten years, which is an average annual home appreciation rate of 2.30%, putting Westfield in the top 20% 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.

Appreciation rates are so strong in Westfield that despite a nationwide downturn in the housing market, Westfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westfield appreciation rates continue to be some of the highest in America, at 9.78%, which is higher than appreciation rates in 89.02% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westfield. Westfield appreciation rates in the latest quarter were at 1.16%, which equates to an annual appreciation rate of 4.72%.

Relative to Indiana, our data show that Westfield's latest annual appreciation rate is higher than 90% of the other cities and towns in Indiana.

Average Home Values

 

Median Home Value:
$268,982

Westfield, IN HOME PRICES

Value Range
> $1,234,237 1.0
$925,781 - $1,234,237 1.0
$617,521 - $925,780 4.6
$493,496 - $617,520 4.3
$370,273 - $493,495 8.8
$247,248 - $370,272 34.7
$123,223 - $247,247 36.5
$62,013 - $123,222 5.3
$0 - $62,012 3.8

Very High for IN
High for Nation

Value Relative to Nation Value Relative to State
21.9299270072993 2.60180995475113

Number Of Homes And Apartments:
11,716

Westfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2017 Q4 - 2018 Q1
Last 12 Months:
2017 Q1 - 2018 Q1
Last 2 Years:
2016 Q1 - 2018 Q1
Last 5 Years:
2013 Q1 - 2018 Q1
Last 10 Years:
2008 Q1 - 2018 Q1
Since 2000:
2000 Q1 - 2018 Q1
42.36% 1.95%
9
4
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$1,217 / per month

Homeownership Rate

Homeownership
Owners 79.29
Renters 20.71
Vacant 3.59

Housing Market Details

 

Age of Homes

AGE OF Westfield HOMES
2000 or Newer 55.4
1970 - 1999 37.0
1940 - 1969 5.2
1939 or Older 2.4

Types of Homes

TYPE OF Westfield HOMES
Single-Family 78.3
Townhomes 5.3
Small Apt. Buildings 3.1
Apt. Complexes 10.7
Mobile Homes 2.6
Other 0.0

Home Size

SIZE OF Westfield HOMES
No Bedroom 0.48
1 Bedroom 2.95
2 Bedrooms 14.99
3 Bedrooms 36.17
4 Bedrooms 37.01
5 or more bedrooms 8.41