Westerville, OH 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 Q4 2020. 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

Westerville, OH Housing Market Trends

With a population of 41,103, 14,566 total housing units (homes and apartments), and a median house value of $270,763, 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 70.19% of the city's housing units. Other types of housing that are prevalent in Westerville include large apartment complexes or high rise apartments ( 15.00%), row houses and other attached homes ( 10.39%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.19%).

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 73.70% of Westerville's homes, and 68.13% 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 ( 17.58%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.68%). There's also some housing in Westerville built before 1939 ( 6.00%).

Westerville Home Appreciation Rates

Appreciation rates for homes in Westerville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 50.16%, which ranks in the top 30% nationwide. This equates to an annual average Westerville house appreciation rate of 4.15%.

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 6.54%, which is higher than appreciation rates in 76.11% 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 2.52%, which equates to an annual appreciation rate of 10.45%.

Relative to Ohio, our data show that Westerville's latest annual appreciation rate is higher than 60% 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:
$270,763

Westerville, OH HOME PRICES

> $1,223,000
0.1%
0.1%
$917,001 - $1,223,000
0.2%
0.2%
$611,001 - $917,000
0.5%
0.5%
$489,001 - $611,000
2.9%
2.9%
$367,001 - $489,000
17.9%
17.9%
$244,001 - $367,000
42.9%
42.9%
$122,001 - $244,000
28.4%
28.4%
$61,001 - $122,000
6.2%
6.2%
$0 - $61,000
0.8%
0.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for OH

Value Relative To Nation

Number Of Homes And Apartments:
14,566

Westerville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
71.20% 2.59%
10
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,378 / per month

Homeownership Rate

Owners
73.7%
73.7%
Renters
26.3%
26.3%
Vacant
4.5%
4.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.7%
15.7%
1970 - 1999
60.7%
60.7%
1940 - 1969
17.6%
17.6%
1939 or Older
6.0%
6.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
70.2%
70.2%
Townhomes
10.4%
10.4%
Small Apt. Buildings
4.2%
4.2%
Apt. Complexes
15.0%
15.0%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
5.9%
5.9%
2 Bedrooms
21.1%
21.1%
3 Bedrooms
32.8%
32.8%
4 Bedrooms
35.3%
35.3%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES