Westbrook, ME 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Westbrook, ME Housing Market Trends

With 19,074 people, 8,073 houses or apartments, and a median cost of homes of $300,531, Westbrook real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Westbrook, accounting for 50.17% of the city's housing units. Other types of housing that are prevalent in Westbrook include duplexes, homes converted to apartments or other small apartment buildings ( 22.50%), large apartment complexes or high rise apartments ( 18.29%), and a few row houses and other attached homes ( 5.78%).

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

There is a lot of housing in Westbrook 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 Westbrook built before 1939 ( 27.18%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.65%). There's also some housing in Westbrook built between 2000 and later ( 16.55%).

Westbrook Home Appreciation Rates

Appreciation rates for homes in Westbrook have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 61.35%, which ranks in the top 30% nationwide. This equates to an annual average Westbrook house appreciation rate of 4.90%.

Appreciation rates are so strong in Westbrook that despite a nationwide downturn in the housing market, Westbrook real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westbrook appreciation rates continue to be some of the highest in America, at 15.23%, which is higher than appreciation rates in 95.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westbrook. Westbrook appreciation rates in the latest quarter were at 4.34%, which equates to an annual appreciation rate of 18.52%.

Importantly, this makes Westbrook one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$300,531

Westbrook, ME HOME PRICES

> $1,340,000
0.7%
0.7%
$1,005,001 - $1,340,000
0.8%
0.8%
$670,001 - $1,005,000
0.2%
0.2%
$536,001 - $670,000
3.2%
3.2%
$402,001 - $536,000
17.9%
17.9%
$268,001 - $402,000
44.4%
44.4%
$134,001 - $268,000
26.7%
26.7%
$67,001 - $134,000
1.2%
1.2%
$0 - $67,000
5.0%
5.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for ME

Value Relative To Nation

Number Of Homes And Apartments:
8,073

Westbrook Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ME*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
120.98% 3.76%
8
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,692 / per month

Homeownership Rate

Owners
60.2%
60.2%
Renters
39.8%
39.8%
Vacant
7.7%
7.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
16.6%
16.6%
1970 - 1999
31.6%
31.6%
1940 - 1969
24.6%
24.6%
1939 or Older
27.2%
27.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
50.2%
50.2%
Townhomes
5.8%
5.8%
Small Apt. Buildings
22.5%
22.5%
Apt. Complexes
18.3%
18.3%
Mobile Homes
3.3%
3.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.6%
2.6%
1 Bedroom
15.5%
15.5%
2 Bedrooms
37.2%
37.2%
3 Bedrooms
33.5%
33.5%
4 Bedrooms
8.6%
8.6%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES