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 about Scout's Real Estate Data
With a population of 20,393, 8,008 total housing units (homes and apartments), and a median house value of $418,598, Westminster real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Westminster, accounting for 33.64% of the city's housing units. Other types of housing that are prevalent in Westminster include large apartment complexes or high rise apartments ( 30.86%), row houses and other attached homes ( 27.30%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.19%).
The most prevalent building size and type in Westminster are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.77% owning and 51.23% renting.
There is a lot of housing in Westminster 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 Westminster built before 1939 ( 16.12%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.61%). There's also some housing in Westminster built between 2000 and later ( 14.76%).
Westminster's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Westminster during the period has been just 4.79%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Westminster's appreciation rate, at 5.45%, has been at or slightly above the national average. In the latest quarter, Westminster's appreciation rate has been 2.23%, which annualizes to a rate of 9.22%.
Relative to Maryland, our data show that Westminster's latest annual appreciation rate is higher than 50% of the other cities and towns in Maryland.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Westminster differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westminster - 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 Westminster real estate investment or home purchase decisions.
$418,598
for Maryland
for nation
8,008
$2,350 / per month