Westfield, IN Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Westfield, IN Housing Market Trends

With 43,649 people, 14,217 houses or apartments, and a median cost of homes of $291,205, 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 77.42% of the town's housing units. Other types of housing that are prevalent in Westfield include large apartment complexes or high rise apartments ( 10.95%), row houses and other attached homes ( 4.87%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.62%).

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 80.90% of Westfield's homes, and 71.13% 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. 60.41% 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 ( 34.25%), and between 1940-1969 ( 4.61%).

Westfield Home Appreciation Rates

Appreciation rates for homes in Westfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 51.39%, which ranks in the top 30% nationwide. This equates to an annual average Westfield house appreciation rate of 4.23%.

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 6.56%, which is higher than appreciation rates in 76.85% 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 2.42%, which equates to an annual appreciation rate of 10.05%.

Relative to Indiana, our data show that Westfield's latest annual appreciation rate is higher than 80% of the other cities and towns in Indiana.

Average Home Values

 

Median Home Value:
$291,205

Westfield, IN HOME PRICES

> $1,222,000
1.2%
1.2%
$917,001 - $1,222,000
0.8%
0.8%
$611,001 - $917,000
5.6%
5.6%
$489,001 - $611,000
7.3%
7.3%
$367,001 - $489,000
17.4%
17.4%
$245,001 - $367,000
30.3%
30.3%
$123,001 - $245,000
31.9%
31.9%
$61,001 - $123,000
3.1%
3.1%
$0 - $61,000
2.5%
2.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IN

Value Relative To Nation

Number Of Homes And Apartments:
14,217

Westfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
63.54% 2.37%
9
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,464 / per month

Homeownership Rate

Owners
80.9%
80.9%
Renters
19.1%
19.1%
Vacant
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
60.4%
60.4%
1970 - 1999
34.3%
34.3%
1940 - 1969
4.6%
4.6%
1939 or Older
0.7%
0.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
77.4%
77.4%
Townhomes
4.9%
4.9%
Small Apt. Buildings
3.6%
3.6%
Apt. Complexes
10.9%
10.9%
Mobile Homes
3.1%
3.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.1%
1.1%
1 Bedroom
3.8%
3.8%
2 Bedrooms
14.9%
14.9%
3 Bedrooms
37.0%
37.0%
4 Bedrooms
34.1%
34.1%
5 or more bedrooms
9.0%
9.0%
0.0% 100.0%
% OF HOMES