Westfield, IN—46074
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Westfield, IN
As of Oct '25, the median home price in Westfield, IN is $491,000, with a year-over-year change of 2.5%. This indicates that home prices in Westfield, IN are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $491,000 | 2.5% |
| Single Family | $506,000 | 2.8% |
| Condos | $317,000 | 1.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $357,000 | 2.6% |
3 Bed | $431,000 | 2.6% |
4 Bed | $530,000 | 2.7% |
| 5 Bed | $679,000 | 3.3% |
% of Housing Stock
Rental Trends — Westfield, IN
As of July '25, Rentcast reports the average rent in Westfield, IN is $2,460, with a year-over-year rent change of -3.1%. Per bedroom, the median rent as of July '25 in Westfield, IN is studios: $1,100, 1-bedrooms: $1,270, 2-bedrooms: $1,450, 3-bedrooms: $2,300, 4-bedrooms: $2,890. The most common rental property sizes in Westfield, IN are 2-bedroom and 3-bedroom, accounting for 40.1% and 20.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,410 | $2,460 |
| Studio Rent | $950 | $1,100 |
| 1 Bed Rent | $1,320 | $1,270 |
| 2 Bed Rent | $1,120 | $1,450 |
| 3 Bed Rent | $2,200 | $2,300 |
| 4 Bed Rent | $2,800 | $2,890 |
% of Rental Stock
Property Listings — Westfield, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Westfield, IN is 48. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $521,000 | -7.0% |
Listing Count | 314 | 11.0% |
| Listings as % of Homes | 1.5% | 11.0% |
Days on Market | 48 | -3.0% |
Demographics — Westfield, IN
As of the latest ACS Survey released in 2023, Westfield, IN has a population of 46,000, which has increased by 39.0% over the past 5 years. Westfield, IN is a popular place for families, as children make up 27.2% of the population. The area has a highly educated workforce, with 61.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 46,000 | 39.0% |
% Under 18 | 27.2% | -15.3% |
% Seniors | 11.5% | 17.3% |
% WFH | 21.9% | 160.7% |
% w/ College Degree | 61.4% | 2.5% |
As of the latest ACS Survey released in 2023, Westfield, IN is a predominantly white area, with 73.6% of the population identifying as white. The white population has shrunk by 5.5% in the last 5 years. The second most common race or ethnicity in Westfield, IN is hispanic, making up 8.6% of the population. Foreign-born residents account for 12.3% of the population in Westfield, IN, and this percentage has increased by 9.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 73.6% | -5.5% |
% Black | 2.7% | -43.8% |
% Hispanic | 8.6% | 53.6% |
% Asian | 8.5% | -13.3% |
% Foreign Born | 12.3% | 9.8% |
Mortgage and Risk — Westfield, IN
According to HUD data as of 2023, there were 2012 mortgage originations in Westfield, IN, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Westfield, IN. Investor activity is low, as 4.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 2,012 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Westfield, IN
As of 2024, the percent of homes in Westfield, IN under the Section 8 program is 2.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Westfield, IN, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 66 |
Total Units Section 8 | 66 |
% Rentals under Section 8 | 2.3% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $30 | $1,320 | $1,350 |
| 2 Bedroom | $460 | $1,120 | $1,580 |
| 3 Bedroom | -$140 | $2,200 | $2,060 |
| 4 Bedroom | -$300 | $2,800 | $2,500 |
Affordability — Westfield, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $491,000 |
| Median Household Income | $124,000 |