Westlake, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Westlake Neighborhoods Since 2000




Westlake, 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 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

Westlake Housing Market Information

With a population of 32,428, 13,766 total housing units (homes and apartments), and a median house value of $244,045, 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 60.36% of the city's housing units. Other types of housing that are prevalent in Westlake include large apartment complexes or high rise apartments ( 28.74%), row houses and other attached homes ( 6.90%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.18%).

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 72.96% of Westlake's homes, and 55.12% 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 ( 26.18%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.36%). There's also some housing in Westlake built before 1939 ( 2.86%).

Westlake Home Appreciation Rates

Appreciation rates for homes in Westlake have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.50%, which ranks in the top 50% nationwide. This equates to an annual average Westlake house appreciation rate of 0.05%.

NeighborhoodScout's data show that during the latest twelve months, Westlake's appreciation rate, at 4.55%, has been at or slightly above the national average. In the latest quarter, Westlake's appreciation rate has been -0.21%, which annualizes to a rate of -0.82%.

Relative to Ohio, our data show that Westlake's latest annual appreciation rate is higher than 70% 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:
$244,045

Westlake, OH HOME PRICES

Value Range
> $1,117,000 1.1
$837,001 - $1,117,000 1.5
$558,001 - $837,000 7.3
$447,001 - $558,000 5.9
$335,001 - $447,000 13.0
$223,001 - $335,000 29.8
$112,001 - $223,000 30.4
$56,001 - $112,000 8.5
$0 - $56,000 2.4

Very High for OH
High for Nation

Value Relative to Nation Value Relative to State
23.4325559592172 8.13648293963255

Number Of Homes And Apartments:
13,766

Westlake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
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
13.48% 0.74% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,266 / per month

Homeownership Rate

Homeownership
Owners 72.96
Renters 27.04
Vacant 7.34

Housing Market Details

 

Age of Homes

AGE OF Westlake HOMES
2000 or Newer 9.4
1970 - 1999 61.6
1940 - 1969 26.2
1939 or Older 2.9

Types of Homes

TYPE OF Westlake HOMES
Single-Family 60.4
Townhomes 6.9
Small Apt. Buildings 3.2
Apt. Complexes 28.7
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Westlake HOMES
No Bedroom 0.81
1 Bedroom 10.82
2 Bedrooms 26.56
3 Bedrooms 27.68
4 Bedrooms 27.44
5 or more bedrooms 6.69