West Virginia Real Estate Market Trends & Analysis

The West Virginia real estate market has developed a reputation for rewarding prospective buyers with incredibly affordable housing. Real estate in West Virginia boasts a lower median home value than every other state in the country. With the average home valued at less than $100,000, it is fair to say buying is considerably more affordable than renting in most parts of the Mountain State.

Of course, low how values are directly correlated to a stagnant economy, but the positive momentum generated by the rest of the country should benefit West Virginia. While the state will certainly need to overcome a few economic hurdles to realize its true potential, things are headed in the right direction. As a result, real estate in West virginia looks to be an affordable investment with potential for attractive profit margins. In the meantime, however, the state will need to address issues related to its labor force if it hopes to turn things around.

West Virginia Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Attorneys, Lenders, Real Estate Agents
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 2 - 3 months
Notice of Sale: Trustee
Redemption Period: None

Taxes

Income Tax: 3% - 6.5%
Corporate Tax: 7.75%
Sales Tax: 6.00%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.49%
Property Taxes by County: http://www.tax-rates.org/west_virginia/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,516.00
Transfer Fee: 0.33%
Origination Fee: $1,805.00

Overview

  • Median Home Value: $98,300
  • 1-Year Appreciation Rate: +2.8%
  • Median Home Value (1-Year Forecast): +0.5%
  • Median Rent Price: $1,000
  • Price-To-Rent Ratio: 8.19
  • Average Days On Market: 85
  • Unemployment Rate: 4.6% (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 9,168

West Virginia Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Lien state
  • Interest Rate: 12%
  • Redemption Period: 17 months