Loading Content...
Rising Home Values and Stable Ownership: Westfield's Thriving Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Westfield, Indiana, located in Hamilton County, is a rapidly growing city known for its family-friendly atmosphere and excellent schools. Over the past decade, Westfield has experienced significant growth in both population and housing market dynamics. The city has maintained a strong homeownership rate, while average home prices and average rent prices have shown consistent upward trends.
The homeownership rate in Westfield has remained relatively stable, with a slight increase from 77% in 2013 to 79% in 2022. During this same period, average home prices in the city have seen substantial growth. In 2013, the average home price was $229,548, which steadily increased to $431,933 by 2022, representing an impressive 88% increase over nine years. This trend suggests a strong correlation between the city's high homeownership rate and the rising average home prices, indicating a robust and desirable housing market.
Federal interest rates have played a significant role in shaping homeownership trends in Westfield. From 2013 to 2016, interest rates remained exceptionally low, ranging from 0.11% to 0.40%. During this period, Westfield's homeownership rate held steady at around 76-77%. As interest rates began to rise gradually from 2017 to 2019, reaching 2.16%, the homeownership rate in Westfield actually increased slightly to 78%. This suggests that despite rising interest rates, other factors such as local economic growth and desirability of the area continued to drive homeownership in Westfield.
Renter percentages in Westfield have remained relatively low, fluctuating between 19% and 21% from 2013 to 2022. Despite this stability, average rent prices have shown a general upward trend. In 2013, the average rent was $1,192, which increased to $1,325 by 2022, representing an 11% increase over nine years. This growth in average rent prices, while not as dramatic as the increase in home prices, still outpaced inflation during this period. The city's growing population, which increased from 35,750 in 2013 to 54,022 in 2022, likely contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, Westfield's housing market continued to show strength. The average home price in 2023 reached $443,287, a further increase from 2022. In 2024, the average home price rose slightly to $445,726. These figures demonstrate a continued upward trajectory in the city's housing market, albeit at a more moderate pace compared to previous years. It's worth noting that federal interest rates in 2023 and 2024 were significantly higher at 5.02% and 5.33% respectively, which may have contributed to the slower rate of price growth.
Looking ahead, predictive models suggest that Westfield's housing market will likely continue its upward trend over the next five years, albeit at a potentially slower rate. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $515,000 by 2029. Average rent prices are expected to follow a similar pattern, with projected annual increases of 2-4%, potentially reaching about $1,550 by 2029. These projections are based on historical trends and current market conditions, but actual future values may vary depending on economic factors and local developments.
In summary, Westfield, Indiana has demonstrated a robust and growing housing market over the past decade. The city has maintained a high homeownership rate while experiencing significant increases in both average home prices and average rent prices. Despite fluctuations in federal interest rates, Westfield's housing market has shown resilience and continued growth. The combination of a growing population, strong local economy, and desirable living conditions suggests that Westfield will likely continue to see positive trends in its housing market in the coming years.
