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 11,186 people, 4,239 houses or apartments, and a median cost of homes of $744,456, real estate costs in Westwood are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Single-family detached homes are the single most common housing type in Westwood, accounting for 63.84% of the borough's housing units. Other types of housing that are prevalent in Westwood include large apartment complexes or high rise apartments ( 21.68%), duplexes, homes converted to apartments or other small apartment buildings ( 13.57%).
The most prevalent building size and type in Westwood are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 64.56% owning and 35.44% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Westwood's housing was primarily built during this period, from the '40s through the '60s. A full 40.59% of the borough's housing hails from this era. Other housing ages represented in Westwood include homes built before 1939 ( 28.80%) and housing constructed between 1970-1999 ( 24.44%). There's also some housing in Westwood built between 2000 and later ( 6.17%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Westwood, where house values have increased just 43.72%, which is annualized rate of 3.69%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
NeighborhoodScout's data show that during the latest twelve months, Westwood's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Westwood's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.
Relative to New Jersey, our data show that Westwood's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.
$744,456
for New jersey
for nation
4,239
$3,256 / per month