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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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.
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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Westmoreland HOMES|
|2000 or Newer||12.8|
|1970 - 1999||47.7|
|1940 - 1969||30.3|
|1939 or Older||9.2|
|TYPE OF Westmoreland HOMES|
|Small Apt. Buildings||5.4|
|SIZE OF Westmoreland HOMES|
|5 or more bedrooms||2.04|