📍 Westfield, Indiana – Rental & Sales Market Report (June 2025)

🏠 Rental Market Insights

• Average Rent: $2,800 (📈 Up 2% MoM, ⬆️ 16% YoY)
• Average Days on Market: 80 days (⏳ Up 11% MoM – highest in metro)
• Active Rental Listings: 69 homes (📉 Down from last month)

🏢 Apartments & Townhomes

• Apartments: 16 units, $1,939 average rent, $1.79/sq ft
• Townhomes: 19 units, $2,475 average rent, 38 days on market, $1.19/sq ft

Westfield is one of the most expensive rental markets in the Indy metro. With a sharp 16% annual rent increase, prices are being driven by high-end new construction and investor pressure to cover elevated acquisition costs.

However, the biggest concern for landlords remains the long leasing time—at 80 days, Westfield leads the region in time-to-lease. Pricing aggressively without accounting for tenant demand is stalling rental performance. Strategic pricing adjustments and expert property management in Westfield can cut that time significantly.

📊 Sales Market Insights

• Average Sales Price: $395,263 (⬆️ Up MoM & YoY)
• Average Days on Market: 31 days (📉 Down YoY & MoM)
• Price per Sq Ft: $194 (Steady)
• Homes Sold: 74 (📉 Down 15% MoM, 10% YoY)

Sales price trends are headed in a positive direction despite fewer closings. Inventory levels remain elevated due to luxury new construction, but prices continue rising thanks to strong demand and long-term area growth.

For rental investors, this is a mixed signal: higher entry costs paired with slower absorption rates. But long-term fundamentals remain strong—especially with Westfield’s reputation as a premium suburb near Carmel and Grand Park.

💼 Investor Strategy Takeaways

• 📊 Strong appreciation in rental and sales prices—Westfield remains an affluent and growing submarket
• ⏱️ Longer leasing timelines suggest the need for smarter pricing and professional management
• 🏘️ New construction is both opportunity and obstacle—adding supply and driving prices

Our Westfield property management team helps landlords navigate this high-end market with precision pricing, proactive leasing, and cost-conscious strategies.

🔎 Browse Indianapolis rental homes or contact us to discuss how to position your Westfield investment for success.

• Transcript Here

  Rental Market in Westfield: Sky-High Prices, Stubborn Days on Market

  The standout stat in Westfield’s rental market is its average days on market — now at a whopping 80 days, up 11% month-over-month. Despite ongoing hopes for improvement, this metric remains consistently high. The average rental price, however, tells a different story: $2,800, up 2% month-over-month and a massive 16% year-over-year.

  This disconnect between pricing and velocity is largely due to new construction and newer investors holding out for high rents to cover their expenses. Many aren't adjusting pricing quickly enough to meet market demand. In one recent example, a small $100 price drop made all the difference and resulted in a tenant placement — reinforcing the value of strategic pricing and responsive property management.

  Rents Have Exploded Over the Last 3 Years

  In October 2022, average rent in Westfield was $1,766. Today, it’s $2,800 — a jump of over $1,000 in under three years. That growth isn’t tied to any massive economic shift, but rather the rapid pace of housing development, high-end construction, and rising demand. Westfield is evolving into a more premium rental market, benefiting from its proximity to Carmel while still maintaining relatively better affordability.

  Inventory Update: Active Listings Down, But Market Still Saturated

  There are currently 69 active homes on the rental market, which is slightly down — a positive sign. For apartments, 16 units are listed at an average rent of $1,939 ($1.79 per square foot). Townhomes come in more affordably at $2,475 average rent, with a healthy 38 days on market and $1.19 per square foot.

  Single-family rental trends show a slow start in January and February, but from March through June, we’re seeing year-over-year growth. The sharp 16% year-over-year jump for June likely reflects a pricing dip from the same time last year. For investors, the upward trend in rents is clear and encouraging — but only if pricing remains realistic.

  Sales Market Strong, but Inventory Pressure Persists

  Average days on market for sales is down to 31 — a respectable number and trending in the right direction both month-over-month and year-over-year. Average price per square foot is steady at $194. The average sales price now stands at $395,263, reflecting gains both month-over-month and year-over-year.

  Homes sold totaled 74 — down 15% month-over-month and 10% year-over-year. This dip in volume, alongside a rising average price, points to the continued impact of high-end new construction and limited affordability. Nevertheless, the price trend line is upward overall.

  Conclusion: Westfield Is a Premium Rental and Sales Market — With a Catch

  Westfield remains a high-performing market in both the rental and sales segments, driven largely by luxury development and investor interest. But the long days on market for rentals reveal a need for pricing flexibility. Whether you’re leasing or selling in Westfield, strategic timing and responsiveness to the market will determine your success.

  If you’re an investor looking to enter or expand in Westfield, be realistic about rental pricing — the market rewards those who adapt quickly.