West Virginia’s real estate market presents a nuanced picture, characterized by affordability, modest price growth in certain areas, and regional disparities. Here’s a comprehensive overview:
🏡 Statewide Market Overview
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Median Sale Price: As of March 2025, the median home sale price in West Virginia stood at $210,917.
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Median List Price: In April 2025, the median list price was $226,667, indicating a slight increase from the previous month.
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Inventory Levels: The state had approximately 5,344 homes for sale in April 2025, marking a 1.3% year-over-year increase. Additionally, there were 1,800 new listings, up 9.6% from the previous year.
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Market Activity: Homes are moving relatively quickly, with a median of 18 days from listing to pending status as of April 30, 2025.
📈 Market Dynamics
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Sales Relative to List Price: Approximately 22.6% of homes sold above their list price in April 2025, a 1.7 percentage point increase year-over-year. Conversely, 18.5% of listings experienced price drops, up from 4.0% the previous year.
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Sale-to-List Price Ratio: The average sale-to-list price ratio was 97.0%, indicating that homes are generally selling close to their asking prices.
🏘️ Regional Highlights
Western, Jackson County
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Median Sold Price: In April 2025, the median sold price was $226,000, reflecting a 7.6% increase from the previous year. The median price per square foot was $124.
Barbour County
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Median List Price: The median list price remained steady at $182,499 in April 2025, with a price per square foot of $134. Notably, Philippi saw a 17.9% month-over-month increase to $232,200, while Flemington experienced a 16.7% rise to $174,900.
💰 Affordability and Economic Factors
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Affordability: West Virginia boasts some of the most affordable housing in the U.S., with an average house price of $146,578, the lowest nationally.
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Affordability Ratio: The state’s affordability ratio stands at 4.4, meaning it takes 4.4 years of the median household income ($55,948) to afford the median home sale price ($248,300).
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Mortgage Rates: The average 30-year mortgage rate in West Virginia is 7.01%, slightly above the national average.
🌧️ Recent Events Impacting the Market
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Flooding in May 2025: A significant flood affected parts of West Virginia from May 13–18, 2025, particularly in Mineral County. The flooding caused damage to infrastructure and some residential areas, potentially impacting local real estate dynamics in the short term.
🔮 Market Outlook
West Virginia’s real estate market is expected to remain relatively stable through 2025, with affordability continuing to attract buyers. However, regional economic challenges and recent natural disasters may influence market conditions in specific areas.