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 a population of 2,757, 929 total housing units (homes and apartments), and a median house value of $342,710, Westmoreland real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Westmoreland, accounting for 65.81% of the town's housing units. Other types of housing that are prevalent in Westmoreland include mobile homes or trailers ( 16.70%), duplexes, homes converted to apartments or other small apartment buildings ( 8.25%), and a few large apartment complexes or high rise apartments ( 6.66%).
The most prevalent building size and type in Westmoreland are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 54.47% owning and 45.53% renting.
There is a lot of housing in Westmoreland built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Westmoreland built between 2000 and later ( 31.11%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.90%). There's also some housing in Westmoreland built before 1939 ( 9.64%).
In the last 10 years, Westmoreland has experienced some of the highest home appreciation rates of any community in the nation. Westmoreland real estate appreciated 153.05% over the last ten years, which is an average annual home appreciation rate of 9.73%, putting Westmoreland in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Westmoreland definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Westmoreland that despite a nationwide downturn in the housing market, Westmoreland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westmoreland appreciation rates continue to be some of the highest in America, at 10.42%, which is higher than appreciation rates in 89.11% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westmoreland. Westmoreland appreciation rates in the latest quarter were at 1.16%, which equates to an annual appreciation rate of 4.72%.
Relative to Tennessee, our data show that Westmoreland's latest annual appreciation rate is higher than 80% of the other cities and towns in Tennessee.
$342,710
for Tennessee
for nation
929
$1,668 / per month