Westlake Homes for Sale

The Westlake housing market presents favorable conditions for buyers, reflected by a decline in home prices and a slower market pace as of January 2024. The median home price has dropped by 7.6% from the previous year to $4.3 million, and the price per square foot has decreased significantly by 35.9% to $406, indicating reduced overall property valuations. Homes are selling at 4.9% under the list price, which may provide room for negotiation. The average home remains on the market for 75 days, longer than usual, which suggests less competition and more time for decision-making.

Additionally, the average down payment of 17.1% is notably higher than the national average, implying that buyers in this area typically have substantial financial backing. With only two homes sold, the low sales volume could further enhance buyer leverage in negotiations.

The Westlake housing market is moderately competitive, with homes generally taking about 75 days to sell. While the market isn’t overly aggressive, there is enough interest that some properties receive multiple offers. On average, homes in Westlake sell for approximately 5% below the listed price, indicating that there is room for negotiation. However, properties considered "hot" homes—those that are more desirable due to location, features, or pricing—tend to sell more quickly, going pending in about 31 days and selling for closer to the asking price, around 3% below list. This differentiation in market dynamics suggests that buyers interested in these hotter properties may need to act more swiftly and decisively.

People moving to Westlake are primarily coming from larger metropolitan areas, with the most significant influx from Los Angeles, followed by San Francisco and Seattle. This trend indicates that homebuyers from these major cities are likely attracted to Westlake's offerings, possibly due to a combination of lifestyle, amenities, or the potential for a better cost of living compared to their current urban environments. Overall, 2% of homebuyers nationwide are looking into moving to Westlake from other metropolitan areas, reflecting its appeal beyond local borders.