📍 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

  00:00 Westfield June 2025 Market Report – Rentals
  [Music]
  Westfield, your turn.
  Okay. Well, uh, I mean, we can't talk about Westfield without talking about the days on the market. Like, what is going on with the days on the market in West—80 days on the market? Like, every month I like I say a little prayer like, "Come on, please be better." But it never ever gets better ever. Look, it's it's up 11% month over month. I think it was like 72 or 74 last month. I mean, wow.

  Uh but, you know, despite that, look at the rental price, 2,800 bucks. It's up 2% month over month. It's up 16% year-over-year. Like, what? That's why you're seeing those average days on market staying so high. There's so much new construction happening in Westfield, so many new investors who again check back to earlier in the podcast uh where where it's hard for me not to mention this and no matter what segment we're in the middle of I find a way to bring it up but you have these new investors who are trying to cover costs and that's exactly what's happening here. I can I can with almost absolute certainty where and they're they're holding out at 2800 and it's you're seeing this massive days on market but you know they just acquired these they they need to cover their expenses so.

  Sorry, I didn't mean to hijack, but that's I man, I'm telling you that's what's happening right here in Westfield.
  No, I think and I think we have maybe or had an owner or two that were experiencing that exact same thing. We're really encouraging them to, you know, take some small price reductions and they just uh can't or won't and uh so they experienced some higher days on the market.
  They did. They ultimately did uh accept the advice and then it's almost almost right after boom placed a tenant when—because it was a four-unit uh condo complex and uh all four of them were rentals.
  Oh, the the other three could still be on the market to this day.
  Seriously, because they didn't have someone like like us and and yet ours was only I think maybe a hundred but I I want to say 50 but uh for the sake of conversation here in transparency maybe a $100 price reduction—boom immediately placed a tenant.

  Uh now we did get cut out of that equation later probably to help him save some cost but he's got a great tenant nonetheless. You're you're welcome. All right, moving on.

  Hey, Chris. So, I just just for uh uh for fun, I—so, we started doing this I just looked back here. I think we started doing this back in October of 2022. That's why I just looked. That's the uh oldest graphic I could find. So, the average rent in October of 2022 for Westfield, 1766.
  Oh my gosh. Isn't that crazy? Over $1,000 difference in three years.
  Wow.
  Wow is right. Isn't that crazy?
  Wow. Wow. And not only that, what's economically what's changed so much in the last three years in Westfield that would even contribute to that? Just just just uh natural just uh housing development growth because I don't think economically I don't—I mean Grand Park does have big intentions, but there hasn't been a major development in that area in the last three years anyway.

  Well, I just think it's so much activity, so much building, so much prices going up, so much probably a little bit higher-end stuff going in there. But I mean, gosh, that is—wow, that's that's a sign. A thousand bucks a month difference almost.
  That is crazy. That is very interesting.
  Yeah. And I wonder if that will—man, with that information is there going there's is there going to be some sort of a correction happening in order to bring these numbers back into reality? Now, I think you're going to see the Westfield market is going to continue to uh garner a higher average rental rate. There's no doubt about that.
  Yeah.
  But some type of a correction, um is—no, I don't know. The market will just end up catching up with Westfield eventually.
  Yeah. I mean, it's going to be—it's a more of a luxury market, you know, than without a doubt.
  Yeah. Some of these other ones. I mean, it sits right next to Carmel. It's a little bit more affordable than Carmel, but surplus is just driving some of these numbers.
  Yeah. Yeah.

  Anyway, we got we got sidetracked there, but I thought it was interesting to to look at that—the difference from three years ago.
  Uh, okay. I can't remember what we covered here. Number of active homes, 69. That is actually down. So, that's encouraging. Want to see less homes on the market, less—hopefully less days on the market. Um, uh, let's see. The con or apartments, 16 apartments on the uh on the market right now with an average rent of $1,939. So gosh, almost $1,000 difference. It's a big big difference. $1.79 per square foot for apartments.

  Uh town homes, there's 19 town homes and those are a little bit more affordable. $24.75 is the average rent for town homes. 38 days on the market. So interesting there. That's that's healthy. That's reasonable.
  Yeah.
  Um and then $119 for price per square foot for town homes. Uh and then uh the graphs there at the bottom again we typically focus on single family homes uh started off a little bit slow January February but look March, April, May, June and July is too early but uh up pretty significantly year-over-year.

  Now there was a weird I don't know what happened in June of last year. Um so that's kind of strange and that's I think why we see that weird 16% year-over-year because there was a I don't know what happened there. Some sort of some sort of strange dip there in June and uh uh so that's why seems dramatic the 16% average rental price but you can see just the trend line is uh increased year-over-year which is if you're an investor that's what you want to see is you know your rent constantly going up and that's what we're seeing here.

  Uh if you can be realistic about your price and not have that average days on the market be 80, uh Westfield can and is a good market. As you know I've got several homes in there and I currently love Westfield.
  Yeah.
  
  

  06:01 Westfield June 2025 Market Report – Sales
  All right, let's get into some sales data.
  All right, sales data. Uh, average days on the market, really respectable, 31 days on the market. That is down year-over-year and month over month. Uh, price per square foot relatively unchanged here at 194. Uh, average or average sales price 395,263 up uh both month over month and year-over-year. And I think that's, you know, why we're seeing the rent increases because the prices of the homes just keep going up up there.

  Um, number of homes sold, 74. So interesting, that is down 15% month over month and down, call it 10% year-over-year. So, uh, that's fairly significant, those those numbers. Um, but what's interesting is that you look at the average price over time, and it's it's just continuing to tick up. Uh, had a couple off months there in what, April and May. Uh, but June, um, it's it's up year-over-year and it looks like it's it's heading up and up.

  Um, so I don't know. Looks like honestly looks like good news other than days on the market. All the news in in Westfield is good, but that days on the market is a shocking number.
  I think the day I think both uh graphics here are heavily skewed by just a surplus in properties. And that goes for the sales data as well. I think uh a lot of new construction high-end homes are driving a lot of this this information.
  So—
  Uh—
  Agree.
  Yeah. I mean which you know your your number of homes sold is down month over month. So I yeah I think I think all of these numbers are kind of pointing to just a surplus of inventory higher-end homes being constructed uh increasing your average sales prices.
  Yep.

  [Music]