Westfield Indiana Rental Market Update March 2023
Hey, guys. Mike Taylor Broker Owner, Red Door Property Management today we are going to take a look at the Westfield, Indiana rental market report for March of 2023. So if you remember, if you watched last month, Westfield was kind of on fire really coming out of the or really in winter. And Westfield has been a very strong market, as you guys know. It's definitely one of my favorite markets .I own several homes in that market and it continues to be strong. It's leveled off a little bit, but it's March, winter and things like that. So let's take a look at the numbers for the Westfield, Indiana market.
Active Homes
Okay, let's jump right in and take a look at the numbers for the Westfield, Indiana rental market for March of 2023. So if we take a look at the top left ,the number of active homes on the market is 69.
Median Rental Price Over Time
And if we take a look at this middle graphic here, this is the price point over time for the median rental price overtime. So pretty good increase from this is 2022. Slight decline jumping into 2023. But then look at this boom. Just a huge jump year over year for January, February and March. So Westfield continues to do very well.
Average Rent
You can see the average rent for March of 2023 is almost $2,400.That is a 37% increase over March of 2022, which is just crazy and even just a 4% increase over last month. So Westfield continues to do well. Really strong market, as I mentioned, is one of my favorite markets. So still continuing strong. We always kind of point out you get a sneak peek here into April, looks like it's leveling out a little bit. But those are still really good numbers. Jeez almost 40% year over year increase. That's crazy. So Westfield looks like it's still strong.
Average days on the market
Average days on the market. This is a little bit higher than I would like to see. But if you look at like, for example, I just did one on Indianapolis. It's over 90 days in Indianapolis, which is crazy. Typically we're going to see 30 days-ish would be kind of what I would consider normal. So a little higher than that. So I'm not sure what's affecting that. And you can see, look, it's 150% over just last month and 136% over March. So that makes sense that there's that much of an increase in March of 2022 because the market was just red hot, a white hot in 2022. I don't know. Maybe it was just cold. It was cold in March here. And so weather does have an effect on things. People don't want to go out. I'm not sure, but I'm not super concerned about it because all the other data is pointing to the fact that Westfield is remaining a strong market.
Price Range
And then this is the bottom middle one here is just the price range. We just show this so you can kind of see where the activity is in the market.This is a little bit more spread out than normal. I can just tell you most of the homes are going to rent between, call it 1000, 703,000 with that two to 2500 in my experience, in my opinion, is probably the sweet spot for Westfield at this point.
Average Sales Price
And then we used to talk about absorption rate, but we were pulling that data from the MLS and the MLS doesn't have the amount of data. So we were concerned that it was skewing the numbers a little bit. So we decided to just go ahead and show the average sales price so you can kind of see where the Westfield sales market is at. And so this is, again, everything. This is not necessarily investor focused or rental focused. This is just all homes in Westfield.
What was the average sales price in March of 2023? So 487.239 seems high. It is high. But there is a big push towards luxury homes. So that's going to include that. Chatham Hills is up there. There's a ton of development up there that's going in that's kind of trending towards the higher end. So that's good in the sense that if you own a rental home there, it's going to drag up your rental value or your home value as well. But it is going to push this home sales price, the average sales price as well. So I would say it's not impossible to get an affordable home. You can still find affordable homes for Wouldn't say 250, but probably 300-ish. If you're looking for something for an investment, most likely 47 is probably too much. Probably not going to make sense. But there are homes available in that 300 ish category.
So I just kind of wanted to put a note on that that's all homes, everything in the Westfield market but kind of in .In summary, it looks like the Westfield market is still chugging along, still on an upward trend. So we'll keep an eye on it and we'll see what happens next month.
