Westfield, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Westfield, MA Real Estate Data


Westfield Housing Market Information

With a population of 41,690, 14,909 total housing units (homes and apartments), and a median house value of $251,605, Westfield real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, Westfield homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Westfield, accounting for 58.45% of the city's housing units. Other types of housing that are prevalent in Westfield include duplexes, homes converted to apartments or other small apartment buildings ( 19.56%), large apartment complexes or high rise apartments ( 16.22%), and a few mobile homes or trailers ( 3.01%).

The most prevalent building size and type in Westfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.96% owning and 37.04% renting.

There is a lot of housing in Westfield 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 Westfield built between 1940-1969 ( 31.48%). A lesser amount of the housing stock also hails from before 1939 ( 27.75%). There's also some housing in Westfield built between 2000 and later ( 5.74%).

Westfield Home Appreciation Rates

Westfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Westfield during the period has been just -1.10%, which is lower than 70% of US communities.

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 1.73%, 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 -0.27%, which equates to an annual appreciation rate of -1.08%.

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

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:
$251,605

Westfield, MA HOME PRICES

Value Range
> $1,053,000 1.0
$789,001 - $1,053,000 0.1
$526,001 - $789,000 1.5
$421,001 - $526,000 4.7
$316,001 - $421,000 11.2
$211,001 - $316,000 40.0
$105,001 - $211,000 33.3
$53,001 - $105,000 3.1
$0 - $53,000 5.0

Very Low for MA
High for Nation

Value Relative to Nation Value Relative to State
21.9969530059768 84.6153846153846

Number Of Homes And Apartments:
14,909

Rent & Ownership

 

Average Market Rent:
$1,221 / per month

Homeownership Rate

Homeownership
Owners 62.96
Renters 37.04
Vacant 7.22

Housing Market Details

 

Age of Homes

AGE OF Westfield HOMES
2000 or Newer 5.7
1970 - 1999 35.0
1940 - 1969 31.5
1939 or Older 27.7

Types of Homes

TYPE OF Westfield HOMES
Single-Family 58.5
Townhomes 2.8
Small Apt. Buildings 19.6
Apt. Complexes 16.2
Mobile Homes 3.0
Other 0.0

Home Size

SIZE OF Westfield HOMES
No Bedroom 0.62
1 Bedroom 12.31
2 Bedrooms 27.82
3 Bedrooms 37.82
4 Bedrooms 18.29
5 or more bedrooms 3.14

Westfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
47.16% 2.27% 5 6
* 10 is highest