West Virginia Housing Market Analysis - August 2024

The housing market in West Virginia has shown a variety of trends in August 2024, reflecting both growth and some areas of decline. Below is a detailed analysis of the key metrics.

Price Metrics

The Median Sales Price for homes in West Virginia stands at $250,200, which represents a 2.3% increase year-over-year (YoY). Similarly, the Median List Price has risen to $254,500, marking a 2.4% YoY increase. The median Price Per Square Foot has seen a more significant rise, reaching $147, up by 6.0% YoY. The Median List Price per square foot is $150, reflecting a 4.4% YoY increase.

Sales and Listings

Home sales have been robust, with 1,132 Homes Sold in August 2024, a 9.0% increase YoY. Pending Sales have surged to 1,261, showing a substantial 17.7% YoY increase. New Listings have also grown, with 1,353 new properties coming onto the market, up by 12.3% YoY. Inventory levels have increased to 3,085 homes, a 10.4% rise YoY, indicating a healthier supply of homes available for buyers.

Market Dynamics

The Months of Supply remain steady at 2.70, showing no change YoY. The Median Days on Market have decreased to 45 days, a 13.0% reduction YoY, suggesting that homes are selling faster. The average sale to list ratio is slightly down by 0.3%, now at 97.5%. The percentage of Homes Sold above list price has decreased to 20.1%, a 5.3% drop YoY. Price Drops have increased significantly, with 27.1% of listings experiencing a price reduction, up by 20.5% YoY. Additionally, 42.3% of homes are going off the market within two weeks, an 18.1% increase YoY.

Overall, the West Virginia housing market in August 2024 shows a mix of positive growth in sales and listings, alongside some areas of decline in market dynamics. The increase in median prices and faster sales times indicate a competitive market, while the rise in Price Drops and decrease in Homes Sold above list price suggest some cooling in buyer demand.