Westfield, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Westfield, NJ 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

Westfield Housing Market Information

With a population of 30,548, 10,351 total housing units (homes and apartments), and a median house value of $714,773, Westfield house prices are not only among the most expensive in New Jersey, Westfield real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Westfield, accounting for 79.15% of the town's housing units. Other types of housing that are prevalent in Westfield include large apartment complexes or high rise apartments ( 9.08%), duplexes, homes converted to apartments or other small apartment buildings ( 8.98%), and a few row houses and other attached homes ( 2.30%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westfield. Owner-occupied housing accounts for 79.91% of Westfield's homes, and 65.27% have either three or four bedrooms, which is average sized relative to America.

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. Westfield's housing was primarily built during this period, from the '40s through the '60s. A full 42.87% of the town's housing hails from this era. Other housing ages represented in Westfield include homes built before 1939 ( 35.23%) and housing constructed between 1970-1999 ( 14.80%). There's also some housing in Westfield built between 2000 and later ( 7.10%).

Westfield Home Appreciation Rates

Appreciation rates for homes in Westfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 7.43%, which ranks in the top 40% nationwide. This equates to an annual average Westfield house appreciation rate of 0.72%.

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 2.47%, 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 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Westfield's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the town. 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:
$714,773

Westfield, NJ HOME PRICES

Value Range
> $1,110,000 16.0
$832,001 - $1,110,000 21.3
$555,001 - $832,000 37.7
$444,001 - $555,000 12.4
$333,001 - $444,000 6.6
$222,001 - $333,000 2.3
$111,001 - $222,000 1.7
$56,001 - $111,000 0.6
$0 - $56,000 1.4

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
2.56064690026954 9.34959349593496

Number Of Homes And Apartments:
10,351

Westfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
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
86.99% 3.69% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,168 / per month

Homeownership Rate

Homeownership
Owners 79.91
Renters 20.09
Vacant 4.91

Housing Market Details

 

Age of Homes

AGE OF Westfield HOMES
2000 or Newer 7.1
1970 - 1999 14.8
1940 - 1969 42.9
1939 or Older 35.2

Types of Homes

TYPE OF Westfield HOMES
Single-Family 79.1
Townhomes 2.3
Small Apt. Buildings 9.0
Apt. Complexes 9.1
Mobile Homes 0.3
Other 0.2

Home Size

SIZE OF Westfield HOMES
No Bedroom 1.32
1 Bedroom 7.81
2 Bedrooms 11.63
3 Bedrooms 31.02
4 Bedrooms 34.26
5 or more bedrooms 13.96