Westfield, NJ 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 Q1 2021. 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

Westfield, NJ Housing Market Trends

With 29,512 people, 10,290 houses or apartments, and a median cost of homes of $773,885, Westfield house prices are not only among the most expensive in New Jersey, Westfield real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Westfield, accounting for 75.53% of the town's housing units. Other types of housing that are prevalent in Westfield include duplexes, homes converted to apartments or other small apartment buildings ( 11.98%), large apartment complexes or high rise apartments ( 9.06%), and a few row houses and other attached homes ( 3.14%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westfield. Owner-occupied housing accounts for 81.53% of Westfield's homes, and 60.83% have either three or four bedrooms, which is average sized relative to America.

The housing in Westfield was primarily built before 1939 ( 39.60%), making the housing stock in Westfield some of the oldest overall in America, although there is a range of ages of homes in Westfield. The next most important housing age is between 1940-1969 ( 37.46%), followed by between 1970-1999 ( 13.52%). There's also some housing in Westfield built between 2000 and later ( 9.41%).

Westfield Home Appreciation Rates

Westfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Westfield during the period has been just 2.09%, which is lower than 70% of US communities.

Over the last year, Westfield appreciation rates have trailed the rest of the nation. In the last twelve months, Westfield's appreciation rate has been 4.90%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Westfield were at 1.69%, which equates to an annual appreciation rate of 6.95%.

Relative to New Jersey, our data show that Westfield's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Westfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westfield - 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 Westfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$773,885

Westfield, NJ HOME PRICES

> $1,081,000
22.9%
22.9%
$811,001 - $1,081,000
25.2%
25.2%
$540,001 - $811,000
34.1%
34.1%
$432,001 - $540,000
8.4%
8.4%
$324,001 - $432,000
4.7%
4.7%
$216,001 - $324,000
2.5%
2.5%
$108,001 - $216,000
1.7%
1.7%
$54,001 - $108,000
0.2%
0.2%
$0 - $54,000
0.2%
0.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
10,290

Westfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
100.02% 3.32%
8
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,937 / per month

Homeownership Rate

Owners
81.5%
81.5%
Renters
18.5%
18.5%
Vacant
5.7%
5.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.4%
9.4%
1970 - 1999
13.5%
13.5%
1940 - 1969
37.5%
37.5%
1939 or Older
39.6%
39.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.5%
75.5%
Townhomes
3.1%
3.1%
Small Apt. Buildings
12.0%
12.0%
Apt. Complexes
9.1%
9.1%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.0%
2.0%
1 Bedroom
8.9%
8.9%
2 Bedrooms
13.2%
13.2%
3 Bedrooms
29.2%
29.2%
4 Bedrooms
31.6%
31.6%
5 or more bedrooms
15.2%
15.2%
0.0% 100.0%
% OF HOMES