Westlake, 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

Westlake, OH Housing Market Trends

With a population of 32,032, 13,809 total housing units (homes and apartments), and a median house value of $279,707, Westlake real estate is some of the most expensive in Ohio, although Westlake home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Westlake, accounting for 59.82% of the city's housing units. Other types of housing that are prevalent in Westlake include large apartment complexes or high rise apartments ( 25.77%), row houses and other attached homes ( 10.54%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.69%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westlake. Owner-occupied housing accounts for 70.49% of Westlake's homes, and 56.06% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Westlake 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 Westlake built between 1940-1969 ( 25.99%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.88%). There's also some housing in Westlake built before 1939 ( 3.29%).

Westlake Home Appreciation Rates

Real estate appreciation rates in Westlake's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.73% during the period.

Appreciation rates are so strong in Westlake that despite a nationwide downturn in the housing market, Westlake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westlake appreciation rates continue to be some of the highest in America, at 7.00%, which is higher than appreciation rates in 86.97% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westlake. Westlake appreciation rates in the latest quarter were at 3.02%, which equates to an annual appreciation rate of 12.65%.

Importantly, this makes Westlake 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 Ohio, our data show that Westlake's latest annual appreciation rate is higher than 80% 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 Westlake differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westlake - 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 Westlake real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$279,707

Westlake, OH HOME PRICES

> $1,164,000
0.4%
0.4%
$873,001 - $1,164,000
2.6%
2.6%
$582,001 - $873,000
7.2%
7.2%
$465,001 - $582,000
8.3%
8.3%
$349,001 - $465,000
18.1%
18.1%
$233,001 - $349,000
28.3%
28.3%
$116,001 - $233,000
26.6%
26.6%
$58,001 - $116,000
6.7%
6.7%
$0 - $58,000
1.9%
1.9%
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:
13,809

Westlake 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
35.98% 1.47%
5
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,570 / per month

Homeownership Rate

Owners
70.5%
70.5%
Renters
29.5%
29.5%
Vacant
6.2%
6.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.9%
12.9%
1970 - 1999
57.8%
57.8%
1940 - 1969
26.0%
26.0%
1939 or Older
3.3%
3.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.8%
59.8%
Townhomes
10.5%
10.5%
Small Apt. Buildings
3.7%
3.7%
Apt. Complexes
25.8%
25.8%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.3%
2.3%
1 Bedroom
9.3%
9.3%
2 Bedrooms
26.2%
26.2%
3 Bedrooms
28.3%
28.3%
4 Bedrooms
27.8%
27.8%
5 or more bedrooms
6.1%
6.1%
0.0% 100.0%
% OF HOMES