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 2,386, 1,012 total housing units (homes and apartments), and a median house value of $239,735, house prices in Westminster are solidly below the national average.
Single-family detached homes are the single most common housing type in Westminster, accounting for 73.55% of the city's housing units. Other types of housing that are prevalent in Westminster include duplexes, homes converted to apartments or other small apartment buildings ( 9.95%), mobile homes or trailers ( 9.86%), and a few large apartment complexes or high rise apartments ( 6.63%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westminster. Owner-occupied housing accounts for 66.70% of Westminster's homes, and 50.26% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Westminster 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 Westminster built between 1940-1969 ( 31.80%). A lesser amount of the housing stock also hails from before 1939 ( 9.18%). There's also some housing in Westminster built between 2000 and later ( 9.01%).
Vacant housing appears to be an issue in Westminster. Fully 13.95% of the housing stock is classified as vacant. Left unchecked, vacant Westminster homes and apartments can be a drag on the real estate market, holding Westminster real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Westminster has experienced some of the highest home appreciation rates of any community in the nation. Westminster real estate appreciated 119.15% over the last ten years, which is an average annual home appreciation rate of 8.16%, putting Westminster in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Westminster 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 Westminster that despite a nationwide downturn in the housing market, Westminster real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westminster appreciation rates continue to be some of the highest in America, at 14.92%, which is higher than appreciation rates in 97.39% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westminster. Westminster appreciation rates in the latest quarter were at 0.52%, which equates to an annual appreciation rate of 2.08%.
Notably, Westminster's appreciation rate in the latest quarter is one of the lowest in America.
Relative to South Carolina, our data show that Westminster's latest annual appreciation rate is higher than 90% of the other cities and towns in South Carolina.
$239,735
for South carolina
for nation
1,012
$1,247 / per month