Westland, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Westland Neighborhoods Since 2000




Westland, MI 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

Westland Housing Market Information

With a population of 82,000, 33,717 total housing units (homes and apartments), and a median house value of $125,533, house prices in Westland are solidly below the national average.

Single-family detached homes are the single most common housing type in Westland, accounting for 58.56% of the city's housing units. Other types of housing that are prevalent in Westland include large apartment complexes or high rise apartments ( 27.05%), row houses and other attached homes ( 7.44%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.61%).

The most prevalent building size and type in Westland are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.00% owning and 41.00% renting.

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. Westland's housing was primarily built during this period, from the '40s through the '60s. A full 52.86% of the city's housing hails from this era. Other housing ages represented in Westland include homes built between 1970-1999 ( 37.84%) and housing constructed between 2000 and later ( 5.09%). There's also some housing in Westland built before 1939 ( 4.21%).

Westland Home Appreciation Rates

Homes have actually lost value in Westland over the last then years, as home values have seen a decline of 19.59% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Westland home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.

Appreciation rates are so strong in Westland that despite a nationwide downturn in the housing market, Westland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westland appreciation rates continue to be some of the highest in America, at 8.64%, which is higher than appreciation rates in 89.45% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westland. Westland appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Westland 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 Michigan, our data show that Westland's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

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

Average Home Values

 

Median Home Value:
$125,533

Westland, MI HOME PRICES

Value Range
> $1,343,000 0.3
$1,007,001 - $1,343,000 0.0
$672,001 - $1,007,000 0.4
$538,001 - $672,000 0.1
$403,001 - $538,000 0.6
$269,001 - $403,000 5.2
$134,001 - $269,000 33.5
$67,001 - $134,000 40.5
$0 - $67,000 19.4

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
62.2612211414508 54.3269230769231

Number Of Homes And Apartments:
33,717

Westland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
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
-13.53% -0.84% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,081 / per month

Homeownership Rate

Homeownership
Owners 59.00
Renters 41.00
Vacant 8.25

Housing Market Details

 

Age of Homes

AGE OF Westland HOMES
2000 or Newer 5.1
1970 - 1999 37.8
1940 - 1969 52.9
1939 or Older 4.2

Types of Homes

TYPE OF Westland HOMES
Single-Family 58.6
Townhomes 7.4
Small Apt. Buildings 4.6
Apt. Complexes 27.1
Mobile Homes 2.3
Other 0.0

Home Size

SIZE OF Westland HOMES
No Bedroom 1.08
1 Bedroom 14.27
2 Bedrooms 29.32
3 Bedrooms 46.51
4 Bedrooms 7.77
5 or more bedrooms 1.06