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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 a population of 30,539, 10,426 total housing units (homes and apartments), and a median house value of $1,154,483, 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.

Westfield is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Westfield than is found in 98% of the communities in America.

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 79.11% of Westfield's homes, and 61.89% have either three or four bedrooms, which is average sized relative to America.

The housing in Westfield was primarily built before 1939 ( 38.60%), 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 ( 36.86%), followed by between 1970-1999 ( 13.39%). There's also some housing in Westfield built between 2000 and later ( 11.14%).

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 4.55%, which is lower than 80% of US communities.

Appreciation rates are so strong in Westfield that despite a nationwide downturn in the housing market, Westfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westfield appreciation rates continue to be some of the highest in America, at 10.27%, which is higher than appreciation rates in 88.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westfield. Westfield appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.

Relative to New Jersey, our data show that Westfield's latest annual appreciation rate is lower 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. 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

$1,154,483

Westfield, NJ Home Prices
> $1,336,000
$1,002,001 - $1,336,000
$668,001 - $1,002,000
$534,001 - $668,000
$401,001 - $534,000
$267,001 - $401,000
$134,001 - $267,000
$66,001 - $134,000
$0 - $66,000
36.9%
36.9%
29.0%
29.0%
25.3%
25.3%
3.5%
3.5%
1.4%
1.4%
2.1%
2.1%
1.4%
1.4%
0.1%
0.1%
0.3%
0.3%
0% 100.0%
% of Homes
Very High

for New jersey

Very High

for nation

Number of Homes And Apartments:

10,426

Westfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,643 / per month

Homeownership Rate

Owners
Renters
79.1%
79.1%
20.9%
20.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.9%
3.9%
96.1%
96.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.1%
11.1%
13.4%
13.4%
36.9%
36.9%
38.6%
38.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
76.5%
76.5%
2.7%
2.7%
13.3%
13.3%
7.2%
7.2%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.2%
2.2%
8.5%
8.5%
11.1%
11.1%
26.5%
26.5%
35.4%
35.4%
16.3%
16.3%
0% 100.0%
% of Homes