Westfield, Indiana Housing Market Prices
Westfield Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 158% above the Indiana median$367,829
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Median rent 55% above the Indiana median$1,642
Housing Market Overview
| Metric | Westfield | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $367,829 | $142,738 | $248,835 |
| Price Trend (Annual %) | 17.9% | 7.2% | 7.5% |
| Median Gross Rent | $1,642 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 5.5% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Westfield is about 158% higher than in Indiana. Rent is about 55% higher than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Westfield, up about 17.9% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Westfield rose about 63.8% between 2015 and 2024, from $1,003 to $1,642. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Westfield.
Buying the median-priced home in Westfield costs roughly 18.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Westfield. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Westfield | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $367,829 | $142,738 | $248,835 |
| Median Household Income | $117,008 | $71,967 | $80,455 |
| Price-to-Income Ratio | 3.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Westfield rose about 2216.8%, while median household income rose about 44.3% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Westfield | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.7% | 64.4% | 58.5% |
| Rental Rate | 20.0% | 26.9% | 31.2% |
| Vacancy Rate | 4.3% | 8.8% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Westfield has a homeownership rate of 75.7%, higher than the Indiana average of 64.4%. Its housing vacancy rate is 4.3%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Westfield | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 2008 | 1975 | 1978 |
| Median Number of Rooms | 7.1 | 5.9 | 5.5 |
The typical housing unit in Westfield was built around 2008. On average, 2.6 people live in a home with about 7.1 rooms, staying for about 10.0 years on average.
Westfield, IN Housing Compared With Nearby Cities
How Westfield, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Westfield, IN | 44,969 | $367,829 #1/2 | $1,642 #2/2 | 79.1% #1/2 |
| Carmel, IN | 101,084 | $294,091 | $1,712 | 74.8% |
Frequently Asked Questions
Common questions about the housing market in Westfield, Indiana.
What is the median home price in Westfield, Indiana?
The median home price in Westfield, Indiana is $367,829, higher than the Indiana average of $142,738.
What is the average home price in Westfield, Indiana?
The typical home price in Westfield, Indiana, reported as the median sale price, is $367,829. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Westfield, Indiana?
The median gross rent in Westfield, Indiana is $1,642 per month, higher than the Indiana average of $1,062.
What was the median gross rent in Westfield in 2020?
In 2020, the median gross rent in Westfield, Indiana was $1,196 per month.
What is the price-to-rent ratio in Westfield, Indiana?
The price-to-rent ratio in Westfield, Indiana is about 18.7, meaning it would take roughly 18.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Westfield.
Are home prices or rent rising faster in Westfield, Indiana?
Both home prices and rent are rising in Westfield, up about 17.9% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Westfield, Indiana?
75.7% of households in Westfield, Indiana own their home, higher than the Indiana average of 64.4%.
What is the vacancy rate in Westfield, Indiana?
The housing vacancy rate in Westfield, Indiana is 4.3%, lower than the Indiana average of 8.8%.
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