Westwego, LA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Westwego, LA Real Estate Data


Westwego Housing Market Information

With a population of 8,542, 3,770 total housing units (homes and apartments), and a median house value of $127,592, house prices in Westwego are solidly below the national average.

Single-family detached homes are the single most common housing type in Westwego, accounting for 68.18% of the city's housing units. Other types of housing that are prevalent in Westwego include duplexes, homes converted to apartments or other small apartment buildings ( 17.98%), large apartment complexes or high rise apartments ( 8.39%), and a few row houses and other attached homes ( 4.61%).

People in Westwego primarily live in small (one, two or no bedroom) single-family detached homes. Westwego has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Westwego's housing was primarily built during this period, from the '40s through the '60s. A full 55.72% of the city's housing hails from this era. Other housing ages represented in Westwego include homes built between 1970-1999 ( 25.86%) and housing constructed before 1939 ( 10.46%). There's also some housing in Westwego built between 2000 and later ( 7.97%).

Vacant housing appears to be an issue in Westwego. Fully 15.17% of the housing stock is classified as vacant. Left unchecked, vacant Westwego homes and apartments can be a drag on the real estate market, holding Westwego 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.

Westwego Home Appreciation Rates

Real estate appreciation rates in Westwego's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.47% during the period.

Appreciation rates are so strong in Westwego that despite a nationwide downturn in the housing market, Westwego real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westwego appreciation rates continue to be some of the highest in America, at 6.16%, which is higher than appreciation rates in 76.18% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westwego. Westwego appreciation rates in the latest quarter were at 2.47%, which equates to an annual appreciation rate of 10.24%.

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

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Westwego differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westwego - 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 Westwego real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$127,592

Westwego, LA HOME PRICES

Value Range
> $1,034,000 0.0
$776,001 - $1,034,000 0.0
$517,001 - $776,000 0.0
$413,001 - $517,000 0.0
$310,001 - $413,000 1.1
$207,001 - $310,000 10.6
$103,001 - $207,000 55.4
$52,001 - $103,000 26.9
$0 - $52,000 6.0

High for LA
Low for Nation

Value Relative to Nation Value Relative to State
62.2064765474029 37.1527777777778

Number Of Homes And Apartments:
3,770

Rent & Ownership

 

Average Market Rent:
$952 / per month

Homeownership Rate

Homeownership
Owners 56.86
Renters 43.14
Vacant 15.17

Housing Market Details

 

Age of Homes

AGE OF Westwego HOMES
2000 or Newer 8.0
1970 - 1999 25.9
1940 - 1969 55.7
1939 or Older 10.5

Types of Homes

TYPE OF Westwego HOMES
Single-Family 68.2
Townhomes 4.6
Small Apt. Buildings 18.0
Apt. Complexes 8.4
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Westwego HOMES
No Bedroom 1.91
1 Bedroom 17.69
2 Bedrooms 35.58
3 Bedrooms 36.93
4 Bedrooms 6.50
5 or more bedrooms 1.40

Westwego Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
LA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
50.13% 2.42% 3 6
* 10 is highest