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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Westfield Housing Market Information

With a population of 43,649, 13,368 total housing units (homes and apartments), and a median house value of $287,253, 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 78.33% of the town's housing units. Other types of housing that are prevalent in Westfield include large apartment complexes or high rise apartments ( 11.50%), row houses and other attached homes ( 4.41%), and a few mobile homes or trailers ( 3.34%).

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 81.30% of Westfield's homes, and 71.04% 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. 59.53% 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 ( 33.83%), and between 1940-1969 ( 5.23%). There's also some housing in Westfield built before 1939 ( 1.40%).

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 47.15%, which ranks in the top 30% nationwide. This equates to an annual average Westfield house appreciation rate of 3.94%.

NeighborhoodScout's data show that during the latest twelve months, Westfield's appreciation rate, at 4.52%, has been at or slightly above the national average. In the latest quarter, Westfield's appreciation rate has been 1.71%, which annualizes to a rate of 7.01%.

Relative to Indiana, our data show that Westfield's latest annual appreciation rate is higher than 50% of the other cities and towns in Indiana.

Average Home Values

 

Median Home Value:
$287,253

Westfield, IN HOME PRICES

Value Range
> $1,256,000 1.0
$942,001 - $1,256,000 0.8
$628,001 - $942,000 5.9
$502,001 - $628,000 5.6
$377,001 - $502,000 12.8
$251,001 - $377,000 33.0
$126,001 - $251,000 33.4
$63,001 - $126,000 4.0
$0 - $63,000 3.5

Very High for IN
High for Nation

Value Relative to Nation Value Relative to State
23.4773722627737 3.50678733031674

Number Of Homes And Apartments:
13,368

Westfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
58.90% 2.26%
9
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,567 / per month

Homeownership Rate

Homeownership
Owners 81.30
Renters 18.70
Vacant 5.66

Housing Market Details

 

Age of Homes

AGE OF Westfield HOMES
2000 or Newer 59.5
1970 - 1999 33.8
1940 - 1969 5.2
1939 or Older 1.4

Types of Homes

TYPE OF Westfield HOMES
Single-Family 78.3
Townhomes 4.4
Small Apt. Buildings 2.4
Apt. Complexes 11.5
Mobile Homes 3.3
Other 0.0

Home Size

SIZE OF Westfield HOMES
No Bedroom 0.95
1 Bedroom 3.62
2 Bedrooms 15.05
3 Bedrooms 35.00
4 Bedrooms 36.04
5 or more bedrooms 9.34