Westlake, LA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Westlake, LA 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Westlake Housing Market Information

With a population of 4,615, 1,910 total housing units (homes and apartments), and a median house value of $118,938, house prices in Westlake are solidly below the national average.

Single-family detached homes are the single most common housing type in Westlake, accounting for 83.18% of the city's housing units. Other types of housing that are prevalent in Westlake include mobile homes or trailers ( 8.55%), duplexes, homes converted to apartments or other small apartment buildings ( 5.30%), and a few large apartment complexes or high rise apartments ( 2.97%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westlake. Owner-occupied housing accounts for 74.45% of Westlake's homes, and 76.72% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Westlake built from 1970 to 1999 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 between 1940-1969 ( 39.73%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.50%). There's also some housing in Westlake built before 1939 ( 6.13%).

Vacant housing appears to be an issue in Westlake. Fully 11.25% of the housing stock is classified as vacant. Left unchecked, vacant Westlake homes and apartments can be a drag on the real estate market, holding Westlake real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Westlake Home Appreciation Rates

In the last 10 years, Westlake has experienced some of the highest home appreciation rates of any community in the nation. Westlake real estate appreciated 30.61% over the last ten years, which is an average annual home appreciation rate of 2.71%, putting Westlake in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Westlake 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 Westlake that despite a nationwide downturn in the housing market, Westlake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westlake appreciation rates continue to be some of the highest in America, at 6.95%, which is higher than appreciation rates in 81.05% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westlake. Westlake appreciation rates in the latest quarter were at -0.21%, which equates to an annual appreciation rate of -0.83%.

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

Average Home Values

 

Median Home Value:
$118,938

Westlake, LA HOME PRICES

Value Range
> $1,175,000 0.0
$882,001 - $1,175,000 0.0
$588,001 - $882,000 0.0
$470,001 - $588,000 0.0
$353,001 - $470,000 0.1
$235,001 - $353,000 9.7
$117,001 - $235,000 41.3
$59,001 - $117,000 38.3
$0 - $59,000 10.6

Average for LA
Low for Nation

Value Relative to Nation Value Relative to State
66.0963318879644 44.2508710801394

Number Of Homes And Apartments:
1,910

Westlake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
LA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
83.93% 3.60% 10 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$929 / per month

Homeownership Rate

Homeownership
Owners 74.45
Renters 25.55
Vacant 11.25

Housing Market Details

 

Age of Homes

AGE OF Westlake HOMES
2000 or Newer 8.5
1970 - 1999 45.6
1940 - 1969 39.7
1939 or Older 6.1

Types of Homes

TYPE OF Westlake HOMES
Single-Family 83.2
Townhomes 0.0
Small Apt. Buildings 5.3
Apt. Complexes 3.0
Mobile Homes 8.6
Other 0.0

Home Size

SIZE OF Westlake HOMES
No Bedroom 0.00
1 Bedroom 7.20
2 Bedrooms 14.68
3 Bedrooms 66.68
4 Bedrooms 10.04
5 or more bedrooms 1.39

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Zip Codes in Westlake, LA