Westwood, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Westwood Neighborhoods Since 2000




Westwood, 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

Westwood Housing Market Information

With 11,247 people, 4,203 houses or apartments, and a median cost of homes of $466,967, real estate costs in Westwood are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Single-family detached homes are the single most common housing type in Westwood, accounting for 56.36% of the borough's housing units. Other types of housing that are prevalent in Westwood include large apartment complexes or high rise apartments ( 21.70%), duplexes, homes converted to apartments or other small apartment buildings ( 17.98%), and a few row houses and other attached homes ( 3.97%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westwood. Owner-occupied housing accounts for 65.96% of Westwood's homes, and 56.77% 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. Westwood's housing was primarily built during this period, from the '40s through the '60s. A full 40.74% of the borough's housing hails from this era. Other housing ages represented in Westwood include homes built before 1939 ( 31.11%) and housing constructed between 1970-1999 ( 23.95%). There's also some housing in Westwood built between 2000 and later ( 4.21%).

Westwood Home Appreciation Rates

Real estate appreciation rates in Westwood's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.77% during the period.

NeighborhoodScout's data show that during the latest twelve months, Westwood's appreciation rate, at 3.40%, has been at or slightly above the national average. In the latest quarter, Westwood's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

Relative to New Jersey, our data show that Westwood's latest annual appreciation rate is higher than 60% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$466,967

Westwood, NJ HOME PRICES

Value Range
> $1,085,000 0.5
$814,001 - $1,085,000 2.4
$543,001 - $814,000 22.4
$434,001 - $543,000 31.4
$326,001 - $434,000 31.3
$217,001 - $326,000 6.1
$108,001 - $217,000 3.8
$54,001 - $108,000 0.0
$0 - $54,000 2.0

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
6.84987694831829 29.0650406504065

Number Of Homes And Apartments:
4,203

Westwood 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
60.19% 2.77% 7 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,253 / per month

Homeownership Rate

Homeownership
Owners 65.96
Renters 34.04
Vacant 7.40

Housing Market Details

 

Age of Homes

AGE OF Westwood HOMES
2000 or Newer 4.2
1970 - 1999 23.9
1940 - 1969 40.7
1939 or Older 31.1

Types of Homes

TYPE OF Westwood HOMES
Single-Family 56.4
Townhomes 4.0
Small Apt. Buildings 18.0
Apt. Complexes 21.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Westwood HOMES
No Bedroom 0.35
1 Bedroom 22.67
2 Bedrooms 16.28
3 Bedrooms 35.93
4 Bedrooms 20.84
5 or more bedrooms 3.92