|Closing Conducted by:||Attorneys, Lenders, Real Estate Agents|
|Primary Foreclosure Method:||Non-Judicial|
|Process Period:||2 - 3 months|
|Notice of Sale:||Trustee|
|Income Tax:||3% - 6.5%|
|Median Property Tax:||0.49%|
|Property Taxes by County:||http://www.tax-rates.org/west_virginia/property-tax#Counties|
Median Home Value: $112,902
1-Year Appreciation Rate: +4.1%
Median Rent Price: $1,000
Price-To-Rent Ratio: 9.4
Average Days On Market: 85
Unemployment Rate: 6.3% (latest estimate by the Bureau Of Labor Statistics)
Population: 1,805,832 (latest estimate by the U.S. Census Bureau)
Median Household Income: $44,061 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 15.76%
Foreclosure Rate: 1 in every 127,040
Harrison: (1 in every 10,544)
Logan: (1 in every 16,840)
Jefferson: (1 in every 22,813)
Cabell: (1 in every 46,407)
Kanawha: (1 in every 92,487)
In response to the pandemic, the Fed announced it would keep interest rates low to spur more buying activity. In doing so, today's monthly average commitment rate on 30-year fixed-rate mortgages is 2.74%. The move makes it cheaper than ever to borrow institutional money, which may simultaneously lower monthly payments for those who purchase rental properties and increase cash flow.
Inventory levels are constrained across the country, and the West Virginia real estate market is no exception. A distinct lack of available listings is part of why home values have increased so dramatically over the last eight years. The pandemic only compounded the issue when it prevented builders from doing their job. As a result, it is growing harder to buy a home, even for those who have the funds. Consequently, those who aren't able to buy will ultimately be relegated to the renter pool. Landlords will find the demand for rental properties increasing for the foreseeable future, or at least until more inventory is brought to the market.
The same competition driving people to rent will mitigate the risk of vacancies and allow landlords to increase rental prices. The market created by the pandemic is essentially a perfect storm for rental property owners.
Parkersburg could see an influx of buyers: With a median home value roughly 14.9% less than the state average, Parkersburg looks like it may represent a bargain. That said, there’s reason to believe Parkersburg should see an influx of younger buyers looking to find cheaper alternatives. Having already appreciated more than the state average in the last year, Parkersburg's median home value should continue upward. The attention generated by the city's relative affordability will potentially attract new buyers and stimulate higher appreciation rates.
Inventory will drive appreciation: Not unlike every other state across the country, the West Virginia real estate market has found itself lacking in the inventory department. Most of West Virginia’s largest cities, for that matter, have far fewer available listings than balanced markets typically exhibit, and the pandemic only made things worse. As a result, competition over the available houses has simultaneously increased prices and made it more difficult for buyers.
More people will move to the suburbs: Without a need for many people to live close to an office, many people are expecting a mass exodus from large cities. Today's work-from-home culture has enabled everyone to pack up and move to less-expensive and larger living spaces. We may see metropolitan prices decrease while suburban prices increase over the course of this year.