Like most areas of the country, West Virginia is enjoying a seller’s market, although this doesn’t mean that it is a poor time to buy real estate to add to your investment portfolio.
In fact, most experts say that the interest rates will be rising in 2019. If you are going to buy, buy now. Reach out to a buyer’s agent who knows the West Virginia real estate market. Capitalize on their knowledge to increase the size of your portfolio.
West Virginia’s Economy
Even though the latest reports say that the unemployment rate has remained steady in West Virginia, the housing market reports were positive.
New housing start-ups have increased in West Virginia recently, and home values increased by 2.3% from last year.
There were over 30,000 jobs added to West Virginia payrolls in February 2019, and within the last year, 4,300 construction jobs were added.
West Virginia’s Housing Market
West Virginia continues to offer affordable housing for its families. The median home value in the state is $94,002. It experienced a 1.1% growth within the last year and is expected to grow another 3.6% before the end of 2019.
Homes stay on the market an average of 113 days and the average rent price in West Virginia is $990.
The Most Expensive Cities in West Virginia
Unlike some states where all the high-value homes are concentrated in one city or area, the top most sought after cities in West Virginia are scattered all over the state.
This small city of West Virginia has a population of fewer than 6,000. The median household income is $70,708. Its workforce made up of white and blue-collar employees tend to commute to work. The community is more than an hour drive from Washington, D.C.
Charles Town’s most expensive neighborhoods are Bloomery/Clips Mill, Middleway, Harewood, and City Center.
Gerrardstown is not too far from Charles Town. It has a population of less than 10,000. It is a relatively quiet, safe community.
The per capita income in Gerrardstown was $30,379, which means for a family of four, the annual salary is on average $121,516. There are very wealthy families in Gerrardstown and very poor families as well, so this statistic may be misleading.
Also in the neighborhood of Charles Town and Gerrardstown is Shepherdstown. The most valuable neighborhoods in this community are Heatherfield/Mechlenberg Heights and Town Center/Shepherd U.
Shepherdstown has a large college student population. Because of this, it has a youthful vibe, and most of the inhabitants are highly educated.
Anmoore is located in the north-central region of West Virginia. This tiny community has a population of fewer than 1,000. Most of the population consists of blue-collar workers, and only 4.48% of people over 25 hold a college degree. This is one of the lowest overall levels of education in the country.
This community has a population of fewer than 5,000 residents. This quiet community has a mix of white-collar and blue-collar jobs, although most of the townspeople commute over 30 minutes to work each day. This commute time is higher than the national average.
If you are looking for affordable real estate investments, West Virginia might be the right place for you. The houses are extremely affordable compared with other areas of the U.S., and the housing prices in the popular areas listed above are expected to rise.
If you are not familiar with West Virginia real estate, it would be a mistake to make significant financial investments without talking with a real estate professional in the area. Fill out an online form, and a Clever rep will reach out to you with the name of a Clever Partner Agent in your area.
If you are interested in flipping homes, our realtors will know the perfect property that needs just needs a bit of elbow grease and new carpeting that you will be able to resell for profit.
Perhaps you are interested in purchasing a single-family or multi-family rental unit in the West Virginia area. Our Clever Partner Agents will tell you which areas to seek out and which ones to avoid.
Maybe you like investing in commercial property. Our local agents know the local business scene in the West Virginia communities. They have their ear to the ground and know which areas will be commercially popular in the coming year.
Our agents not only are knowledgeable about the market in the West Virginia area, but they will also negotiate on your behalf to get the best deal for your investment property. Our buyer’s agents will not only show you properties, but they will offer you reliable, investment advice.