Westerville, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Westerville, OH 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 Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Westerville Housing Market Information

With 39,737 people, 14,604 houses or apartments, and a median cost of homes of $256,683, Westerville real estate is some of the most expensive in Ohio, although Westerville home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Westerville, accounting for 69.63% of the city's housing units. Other types of housing that are prevalent in Westerville include large apartment complexes or high rise apartments ( 15.78%), row houses and other attached homes ( 8.76%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.62%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westerville. Owner-occupied housing accounts for 73.67% of Westerville's homes, and 67.87% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Westerville 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 Westerville built between 1940-1969 ( 15.53%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.75%). There's also some housing in Westerville built before 1939 ( 5.66%).

Westerville Home Appreciation Rates

In the last 10 years, Westerville has experienced some of the highest home appreciation rates of any community in the nation. Westerville real estate appreciated 32.39% over the last ten years, which is an average annual home appreciation rate of 2.85%, putting Westerville in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Westerville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Westerville that despite a nationwide downturn in the housing market, Westerville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westerville appreciation rates continue to be some of the highest in America, at 8.43%, which is higher than appreciation rates in 83.26% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westerville. Westerville appreciation rates in the latest quarter were at 1.52%, which equates to an annual appreciation rate of 6.20%.

Relative to Ohio, our data show that Westerville's latest annual appreciation rate is higher than 90% of the other cities and towns in Ohio.

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

Average Home Values

 

Median Home Value:
$256,683

Westerville, OH HOME PRICES

Value Range
> $1,255,000 0.1
$941,001 - $1,255,000 0.2
$628,001 - $941,000 0.5
$502,001 - $628,000 1.9
$377,001 - $502,000 11.0
$251,001 - $377,000 38.5
$125,001 - $251,000 39.5
$63,001 - $125,000 7.0
$0 - $63,000 1.4

Very High for OH
High for Nation

Value Relative to Nation Value Relative to State
25.5124087591241 10.1049868766404

Number Of Homes And Apartments:
14,604

Westerville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
55.29% 2.31%
10
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,264 / per month

Homeownership Rate

Homeownership
Owners 73.67
Renters 26.33
Vacant 3.25

Housing Market Details

 

Age of Homes

AGE OF Westerville HOMES
2000 or Newer 13.7
1970 - 1999 65.1
1940 - 1969 15.5
1939 or Older 5.7

Types of Homes

TYPE OF Westerville HOMES
Single-Family 69.6
Townhomes 8.8
Small Apt. Buildings 5.6
Apt. Complexes 15.8
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Westerville HOMES
No Bedroom 2.46
1 Bedroom 5.51
2 Bedrooms 21.13
3 Bedrooms 31.91
4 Bedrooms 35.96
5 or more bedrooms 3.03