Housing Market Information
With 30,433 people, 10,536 houses or apartments and a median cost of homes of $759,249, the town Westfield real estate consistently ranks as some of the most affluent in the country.Single-family detached homes are the single most common housing type in Westfield, accounting for 78.71% 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 (10.31%), large apartment complexes or high rise apartments (8.43%) and a few row houses and other attached homes (2.26%).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 80.96% of Westfield's homes and 64.17% have either three or four bedrooms, which is average sized relative nationwide.At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Westfield's housing was primarily built during this period, from the '40s through the '60s. A full 42.47% of the town's housing hails from this era. Other housing ages represented in Westfield include homes built before 1939 (36.20%), housing constructed between 1970-1999 (13.25%) and small portion of housing built between 2000 and later (8.07%).
Home Appreciation Rates
Appreciation rates for homes in Westfield have been tracking above average for the last ten years. The cumulative appreciation rate over the ten years has been 20.07%, which ranks in the top 40% nationwide. This equates to an annual average Westfield house appreciation rate of 1.85%.Data shows that during the latest twelve months, Westfield's appreciation rate, at 5.64%, has been at or slightly above the national average. In the latest quarter, Westfield's appreciation rate has been 1.23%, which annualizes to a rate of 5.02%.Relative to New Jersey, data show that Westfield's latest annual appreciation rate is higher than 50% 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.
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