Westmoreland, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Westmoreland Neighborhoods Since 2000




Westmoreland, TN 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

Westmoreland Housing Market Information

With a population of 2,291, 705 total housing units (homes and apartments), and a median house value of $136,482, house prices in Westmoreland are solidly below the national average.

Single-family detached homes are the single most common housing type in Westmoreland, accounting for 72.53% of the town's housing units. Other types of housing that are prevalent in Westmoreland include mobile homes or trailers ( 14.42%), large apartment complexes or high rise apartments ( 6.70%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.45%).

The most prevalent building size and type in Westmoreland are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 53.71% owning and 46.29% renting.

There is a lot of housing in Westmoreland 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 Westmoreland built between 1940-1969 ( 30.31%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.83%). There's also some housing in Westmoreland built before 1939 ( 9.19%).

Vacant housing appears to be an issue in Westmoreland. Fully 19.98% of the housing stock is classified as vacant. Left unchecked, vacant Westmoreland homes and apartments can be a drag on the real estate market, holding Westmoreland real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Westmoreland Home Appreciation Rates

In the last 10 years, Westmoreland has experienced some of the highest home appreciation rates of any community in the nation. Westmoreland real estate appreciated 17.52% over the last ten years, which is an average annual home appreciation rate of 1.63%, putting Westmoreland in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Westmoreland 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 Westmoreland that despite a nationwide downturn in the housing market, Westmoreland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westmoreland appreciation rates continue to be some of the highest in America, at 14.86%, which is higher than appreciation rates in 99.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westmoreland. Westmoreland appreciation rates in the latest quarter were at 2.76%, which equates to an annual appreciation rate of 11.51%.

Importantly, this makes Westmoreland one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$136,482

Westmoreland, TN HOME PRICES

Value Range
> $1,214,000 1.8
$911,001 - $1,214,000 0.4
$607,001 - $911,000 0.0
$486,001 - $607,000 0.4
$364,001 - $486,000 4.0
$243,001 - $364,000 14.8
$122,001 - $243,000 44.3
$61,001 - $122,000 23.7
$0 - $61,000 10.6

High for TN
Average for Nation

Value Relative to Nation Value Relative to State
56.463143091527 38.0102040816327

Number Of Homes And Apartments:
705

Westmoreland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
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
55.90% 2.61% 9 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$914 / per month

Homeownership Rate

Homeownership
Owners 53.71
Renters 46.29
Vacant 19.98

Housing Market Details

 

Age of Homes

AGE OF Westmoreland HOMES
2000 or Newer 12.8
1970 - 1999 47.7
1940 - 1969 30.3
1939 or Older 9.2

Types of Homes

TYPE OF Westmoreland HOMES
Single-Family 72.5
Townhomes 0.9
Small Apt. Buildings 5.4
Apt. Complexes 6.7
Mobile Homes 14.4
Other 0.0

Home Size

SIZE OF Westmoreland HOMES
No Bedroom 0.00
1 Bedroom 5.79
2 Bedrooms 33.14
3 Bedrooms 48.47
4 Bedrooms 10.56
5 or more bedrooms 2.04

Popular Neighborhoods in Westmoreland

Zip Codes in Westmoreland, TN