Westlake, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Westlake, OH Real Estate Data


Westlake Housing Market Information

With a population of 32,428, 13,547 total housing units (homes and apartments), and a median house value of $274,972, 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 59.73% of the city's housing units. Other types of housing that are prevalent in Westlake include large apartment complexes or high rise apartments ( 30.19%), row houses and other attached homes ( 6.52%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.65%).

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 72.50% of Westlake's homes, and 54.31% 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 ( 25.12%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.82%). There's also some housing in Westlake built before 1939 ( 2.47%).

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 0.23% during the period.

NeighborhoodScout's data show that during the latest twelve months, Westlake's appreciation rate, at 5.01%, has been at or slightly above the national average. In the latest quarter, Westlake's appreciation rate has been 3.30%, which annualizes to a rate of 13.87%.

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 lower than 50% 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:
$274,972

Westlake, OH HOME PRICES

Value Range
> $1,141,000 0.8
$855,001 - $1,141,000 1.5
$570,001 - $855,000 8.7
$456,001 - $570,000 5.6
$342,001 - $456,000 12.6
$228,001 - $342,000 30.3
$114,001 - $228,000 31.0
$57,001 - $114,000 7.3
$0 - $57,000 2.1

Very High for OH
Very High for Nation

Value Relative to Nation Value Relative to State
19.6580195584705 5.7742782152231

Number Of Homes And Apartments:
13,547

Rent & Ownership

 

Average Market Rent:
$1,440 / per month

Homeownership Rate

Homeownership
Owners 72.50
Renters 27.50
Vacant 8.04

Housing Market Details

 

Age of Homes

AGE OF Westlake HOMES
2000 or Newer 9.8
1970 - 1999 62.6
1940 - 1969 25.1
1939 or Older 2.5

Types of Homes

TYPE OF Westlake HOMES
Single-Family 59.7
Townhomes 6.5
Small Apt. Buildings 2.6
Apt. Complexes 30.2
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Westlake HOMES
No Bedroom 0.88
1 Bedroom 11.23
2 Bedrooms 26.86
3 Bedrooms 26.64
4 Bedrooms 27.67
5 or more bedrooms 6.73

Westlake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
15.11% 0.83% 6 2
* 10 is highest