Westfield Indiana Rental Market Update February 2023

Hey guys. Mike Taylor, broker owner, Red Door Property Management today super excited to bring you our Westfield Indiana Rental market report for February of 2023. Well, Westfield continues to be on a tear. It is one of the strongest and hottest markets in my opinion in the Indianapolis area. And February is no exception to that. So, it just continues on an upward trend in terms of market rents. Days on the market is still good. Westfield is a very strong market, one of my personal favorites. I own several homes up there. So let's take a look at the February numbers for Westfield. 

Okay, let's take a look at the numbers for Westfield Indiana rental market for February of 2023. As I mentioned in the intro, Westfield is on a tear. Westfield continues to be on a tear in February, which is super interesting and encouraging because Indianapolis is definitely on a different trend. So it is interesting and encouraging if you are an investor in Westfield to see this buck the trend of Indianapolis in a big way.

Active Homes

So let's take a look at these numbers. There's 69 active rental homes on the market currently in Westfield, Indiana. 

Average rent

If we look at the average rental price, this middle graph here, this is all of last year, this is this year. So we are seeing an increase from January to February of this year of almost 10%, 9.79%.That's huge month over month. And I mean, look at this. Year over year we're a 37, almost 38% increase year over year. So that is huge, huge. I don't know of any other submarket that has seen that big of a jump. I mean, it's been a good year in terms of rental prices. Everything has jumped up. But I don't think off the top of my head anything has really even come close to that. So Westfield is out performing for sure. 

Average days on the market

And then if we look at average days on the market, actually kind of crazy because February is really a pretty slow month and usually we see these creep up. Some of our other markets we're seeing Indianapolis I think is like at 60.There's another market that we have is closer to 80 days on the market, which is really unheard of. That's really high. So we are seeing days on the market overall creep up. But look at Westfield just continuing again to outperform 40% lower than last year, 60% lower than last month. So that is just crazy. 20 days on the market in February is crazy good. Crazy good. 

Price Range

So Westfield remains super strong. This one is actually it's a little bit more scattered than normal. Usually we kind of see this like clump here. It looks like it's way more spread out than normal. We like to show this just to show you where the level of activity is for homes that are getting rented. Typically you're going to see it really between this 1500 and 3000, that is where you see it, but it is just a little more spread out this month. It's kind of interesting to see, but that's the bulk of the market in Westfield, of course makes sense because the average is 2300, but it's going to be that 1500 to 2500.So that's where you want to get a rental home if you're thinking about investing in Westfield. 

Absorption Rate

The number that doesn't make sense to me here is this absorption rate. So that is, again, if we stop putting homes on the market, how long does it take to go through the current inventory of homes? This is really high. 3.3 is really, really high. I don't know if I've ever seen it that high. So it's just an incongruous number with a 10% increase in average rent, a 60% decrease in average days on the market. This just doesn't make sense because this means that there's a ton of inventory out there. So it's possible this is a little bit of a blip because we pull this information from Mibor data, there's not as many homes listed on Mibor. So it's possible it's just a bad data set. So I wouldn't put too much emphasis on that. Everything else is pointing to an extremely healthy market in Westfield. I'm not going to focus on that absorption rate at all. Average days on the market is in the right direction. Average rent is in the right direction. Westfield is very strong market and looks like it will continue to be throughout 2023. So good place to invest, in my opinion. 

Take a look at our other market reports. We have one on Indianapolis, we do one on Fisher's, we do one on Noblesville, and we did one on Greenwood this month as well. So you can stay educated on the different submarkets because it's crazy to do these ones and see how different they are. For example, how different Westfield is from Indianapolis, how that is different from Greenwood. So really breaking these down into the different submarkets is super, super helpful to help you understand the market it and stay on top of it. So take a look at those like and subscribe our YouTube channel so you can stay up to date on these market reports as well as other videos that we are creating around Indianapolis Property Management.