ποΈ Rental Market Overview
Westfield remains a compelling, if complex, investment market. The average rent is now $2,750, reflecting a 7.5% year-over-year increase π. However, the average days on market sits at 72 π — the highest in the metro area — signaling rental saturation.
There’s also been a 16% increase in active listings (72 total), which is likely contributing to the extended vacancy times. The average price per square foot is $1.18 per square foot. Investors should be aware: more supply means sharper pricing strategies are essential.
π’ Apartment & Condo Highlights
- Apartments: 31 active listings | Avg Rent: $1,857 | $1.81/sq ft
- Condos/Townhomes: 20 active listings | Avg Rent: $2,350 | 50 days on market | $1.40/sq ft
Despite the drag on leasing time, Westfield’s growth fundamentals remain strong due to continued expansion around Grand Park and regional development. Explore how our Westfield property management services can help you compete in a high-inventory market.
π‘ Sales Market Overview
The average home sold in 34 days — down month-over-month and relatively strong π. But we’re now seeing an emerging trend: the average sales price of $381,642 is down 3% year-over-year, suggesting a softening market despite steady demand.
$194 per sq ft is the current price point, and sales volume is up 6% YoY, showing that buyers are still active. What’s changing is price sensitivity. If you're exploring rental acquisition opportunities, now might be the time to review Indianapolis-area homes for rent as potential cash flow assets.
π Investor Insights & Outlook
ποΈ Inventory growth, especially from new construction, is likely behind both the longer leasing times and pricing volatility. As noted in our economic reports, Westfield is seeing substantial investment in infrastructure and housing — a long-term win for landlords, but one that requires short-term pricing realism.
π― Investors targeting Westfield should work closely with their leasing teams or a local property management expert to stay competitive in real time. This market is still strong — but patience, price flexibility, and timing will determine your success in 2025.
Transcript Here
Westfield Rental Market: Strong Rent Growth, Stubborn Days on Market
Mike: The only thing monstrous about Westfield is the days on market. It has been naggingly high for a long time—it just won’t let go.
Chris: What’s strange is that the average rental price is at $2,750. That’s down month-over-month but still up nearly 8% year-over-year. Westfield has seen incredible rent growth over the past 6, 12, even 36 months.
Mike: But the high days on market remain frustrating, likely due to high inventory. We’re seeing 72 active homes, up 16% month-over-month—a large jump, even for a seasonal uptick.
Key Rental Data for Westfield (May 2025)
Average rental price: $2,750
Average days on market: 72
Active homes: 72 (↑ 16% MoM)
Price per square foot: $1.18 (↓ 2.5% MoM)
Apartments and Condos: Big Inventory, Big Price Gaps
Apartments:
31 active listings
Average rent: $1,857
Price/sq ft: $1.81
Condos & Townhomes:
20 listings
Average rent: $2,350
Days on market: 50
Price/sq ft: $1.40
Mike: That average rent graph is up and to the right—it keeps climbing, even though it doesn’t align with the high days on market.
Chris: It’s a mixed bag: strong rents, poor turnover.
Why Westfield Investors Need to Pay Attention to Inventory
Mike: If you own a home in Westfield, study your competition closely. A 72-day average is a red flag. Red Door clients know that we start to worry if a home sits that long.
Chris: All these data points speak to each other. More active homes = more competition = longer time to rent = possible downward pressure on rent price.
Westfield Growth Outlook: Long-Term Still Strong
Chris: Don’t panic. There’s a lot of development happening in Westfield, especially around Grand Park and the Town Center. It’s still a strong long-term play.
The nearby Kokomo EV development is likely to spill into the Westfield market too. If anything, this is a short-term pricing correction in a city with strong fundamentals.
New Construction: A Wild Card in the Rental Data
Mike: One anecdotal insight—there’s a lot of new construction in Westfield. Investors are trying to command top rents for new homes, which may be inflating rental prices and slowing lease-ups.
Chris: Totally agree. We saw this a few reports ago with condos—one owner had trouble cash flowing because he was priced above three of his four neighbors. Newer homes = higher expectations, but also more competition.
Westfield Sales Market: Stable Demand, Price Slippage
Average days on market: 34 (↓ MoM, ↑ YoY)
Price per sq ft: $194 (↓ MoM & YoY)
Average sales price: $381,642
(↑ slightly MoM, ↓ 3% YoY)
Number of homes sold: Up 3.5% MoM, 6% YoY
Chris: This is now the third or fourth market in a row where we’re seeing year-over-year price decreases on the sales side.
Mike: It’s a trend to watch. Despite some strength in homes sold, the softening in price is consistent across other markets like Fishers and Noblesville.
Can You Still Buy Under $300K in Westfield?
Yes. While Westfield is more upscale, there are still quality homes under $300,000. We did a deep dive on this last month to show they do exist.
Final Takeaway: Stay Tuned and Stay Informed
Chris: These updates are published across all our social channels. We’re working to get them out faster each month to keep our data timely and actionable.
Mike: And if you’re not already talking to Chris Knight, now’s the time. The insights we provide are helping investors make smarter decisions.
