Westfield Market Update – October 2025
Westfield continues to be one of Central Indiana’s strongest long-term investment markets—but short-term performance remains challenging due to heavy new-construction saturation and extended days on market. Investors should go into this market with eyes wide open, especially those purchasing new-build rentals.
Rental Market Overview
Westfield’s rental inventory sits at 75 active homes, down 9% month over month—a rare bright spot for owners currently competing for tenants. However, demand is not keeping pace with supply, leading to exceptionally slow leasing timelines.
- Average Rent: $2,333 (down 1% MoM, down 3% YoY)
- Average Days on Market: 98 (up 12% MoM — the highest of all suburban markets)
- Price per Sq Ft: $1.16
Despite long vacancy periods, Westfield rents remain higher than last year for most of 2025. The challenge isn’t pricing—it’s absorption. With hundreds of new construction homes hitting the market, renters have more options than ever, pushing DOM above 90 days for many owners.
Apartments, Condos & Townhomes
Multi-family options are performing noticeably better than single-family homes:
- Apartments: 25 available, average rent $1,653, $1.74 PSF
- Condos & Townhomes: 23 available, average rent $2,300, DOM at just 38 days
These lower DOM numbers reflect stronger demand for affordable and mid-tier housing options, especially among renters who want Westfield amenities but don’t need a large single-family home.
Sales Market Overview
On the sales side, Westfield continues to behave like a high-demand, high-equity suburb—though signs of slowing are beginning to appear.
- Average Days on Market: 53 (up 65% YoY)
- Average Price per Sq Ft: $189 (up YoY)
- Average Sales Price: $371,000 (down slightly MoM)
- Homes Sold: 67
Even with slowing activity, Westfield remains an attractive long-term investment due to its exceptional schools, massive Grand Park economic impact, and ongoing commercial expansion. The challenge is the next 12–36 months—not the next decade.
What This Means for Investors
Westfield is still a premium market, but it requires a long-term mindset. Here’s what investors should expect:
- Be prepared to come out of pocket in years 1–3 if buying new construction.
- Expect longer vacancy periods—sometimes 60–100 days depending on seasonality.
- Strong appreciation is likely over the next 3–5 years due to infrastructure projects and high demand.
- Multi-family and townhomes are leasing faster than single-family homes.
Investors who understand these dynamics can still do very well in Westfield—but the strategy matters more than ever.
Transcript Here
Rental Data — 0:00
It’s so hard because I know the data here. When I take calls from new investors — I have a new investor on the phone at least once every two days for Westfield specifically — they’ve picked up a new construction property. As soon as I hear that, I’m like… not that it’s not a great market. It’s a crazy good market. It is. But the saturation is real.
Okay, Westfield, my previous favorite market. And just when you thought the days on the market couldn’t get worse, they did. Look at that. Talk about my speech on days on the market, but it is hard.
I know. It’s so hard because I know the data here. So when I take these calls from new investors — I would say realistically at least once every two days for Westfield — they’ve picked up a new construction property. As soon as I hear that, I’m like… it’s a great market, superior to Fishers in the long run. But the saturation is real. When you call Red Door Property Management, that’s exactly what I’m going to tell you. As much as I’d love to earn your business, you and I are going to have a difficult conversation when that property has been on the market for 50 days because you’re trying to cover costs, so we had to remain at a certain figure for market rent. I insist on getting ahead of those awkward conversations. That’s how it relates to the real-time conversations.
Mike: That’s why we do these market reports — to educate existing owners, potential owners, everyone on what’s going on. We’d rather have the hard conversation upfront and maybe not accept the business versus giving promises. The reality is Westfield is saturated. Westfield has 98 days on the market. Go in with eyes wide open and act appropriately on condition and price. Let’s dive into the data: 75 homes on the market — one bright spot is the number of homes is down 9%. Average rental price is down slightly, about a percent month over month and 3% year over year, but for most of the year it’s shockingly above 2024. Despite the days on market, investors appear to be stubborn on price and they are getting the price — later rather than sooner, but it happens. Days on market: 98, which is insane, up almost 13% over last month. Price per square foot: $1.16.
In apartments and condos: 25 apartments available, much more affordable at $1,653 per month, $1.74 per square foot. Condos and townhomes: 23 available at $2,300 a month, not far off single-family average. Shockingly, those have reasonable days on market at 38. Those appear more desirable. But days on market is the biggest factor here.
Absolutely. Unfortunately, I think it’s going to continue because they continue to build and there’s going to be inventory. If you’re going to buy in Westfield, understand this is a long-term play — not six months or a year, maybe even two or three years. You’ll probably need to tighten your belt on rents for the next couple of years for the longer-term appreciation. You’ll get a great tenant — great schools, great everything. The only downsides you’ll probably experience: your rental rate is unlikely to cover immediate costs, so you’ll be coming out of pocket more than likely; and the days on market will be higher because of saturation. Aside from those, your three-to-five-year outlook is stellar. There’s so much infrastructure being built — Grand Park expansion, town center development. If you picked up a property because eight months ago we were talking about Westfield being a great market, you’re fine — it’s just going to be a long-term play and you’ll likely be coming out of pocket in the near term.
Mike: One more thing — speculating here — I’d be shocked if Westfield doesn’t follow Carmel and Fishers in instituting a rental cap. I haven’t heard rumblings, but I can’t believe it’s not coming.
What are you doing? I feel like you just called your local councilman — “let’s put a cap on this.” Somebody owns property in Westfield. All right.
You ready for sales data?
Mike: Yeah, let’s do sales data.
Sales Data — 5:56
Sales data. Average days on market: 53 — pretty reasonable for this time of year, even though that’s up 65% year over year, which means last year was crazy. Price per square foot: $189, down month over month but up year over year. Average sales price: $371K — right along with Fishers and Noblesville, just a little more. Because we cap at $500K, they all coalesce around $350K–$375K. It’s down slightly month over month — probably seasonality — and up 3% year over year. Sixty-seven homes sold this past month.
Looking at the price graphs: if you take out the noise, it’s pretty seasonal — peaks in summer, dips in winter — following the same trend as last year with dips in November and December. Number of homes sold: very similar to Noblesville and Fishers. The vast majority are still approachable under $350K. I see good rental candidates under $350K all the time. Even with an average sales price of $371K, Westfield is still approachable.
I don’t have anything else to add on this market aside from average sales price. With the pace of new construction, I wouldn’t be surprised if that levels out or starts to tick down. It’s down about 3.5% month over month now. It’s hard to build a trend line on month-over-month data, but we’ll see if that continues in November’s reports.
