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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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 a population of 46,410, 15,572 total housing units (homes and apartments), and a median house value of $339,174, 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 77.28% of the city's housing units. Other types of housing that are prevalent in Westfield include large apartment complexes or high rise apartments ( 10.98%), row houses and other attached homes ( 4.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.59%).

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 78.65% of Westfield's homes, and 70.36% 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. 61.29% of Westfield's housing was built since 2000, making the city 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 ( 31.54%), and between 1940-1969 ( 6.26%).

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 71.46%, which ranks in the top 40% nationwide. This equates to an annual average Westfield house appreciation rate of 5.54%.

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 14.22%, 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 2.33%, which equates to an annual appreciation rate of 9.67%.

Relative to Indiana, our data show that Westfield's latest annual appreciation rate is lower than 70% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. 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 2000, to assist you in making the best Westfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$339,174

Westfield, IN HOME PRICES

> $1,307,000
$980,001 - $1,307,000
$653,001 - $980,000
$523,001 - $653,000
$392,001 - $523,000
$262,001 - $392,000
$131,001 - $262,000
$65,001 - $131,000
$0 - $65,000
1.6%
1.6%
4.1%
4.1%
7.6%
7.6%
10.2%
10.2%
22.3%
22.3%
27.1%
27.1%
23.3%
23.3%
2.0%
2.0%
1.9%
1.9%
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:
15,572

Westfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
86.69% 2.85%
7
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,710 / per month

Homeownership Rate

Owners
Renters
Vacant
78.7%
78.7%
21.3%
21.3%
4.0%
4.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
61.3%
61.3%
31.5%
31.5%
6.3%
6.3%
0.9%
0.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
77.3%
77.3%
5.0%
5.0%
4.6%
4.6%
11.0%
11.0%
2.2%
2.2%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
4.0%
4.0%
15.7%
15.7%
37.0%
37.0%
33.3%
33.3%
8.8%
8.8%
0.0% 100.0%
% OF HOMES