West Virginia Housing Market Analysis - July 2024
The West Virginia housing market in July 2024 presents a nuanced picture with several key indicators showing both positive and negative trends. This analysis delves into the various metrics to provide a comprehensive overview of the current state of the market.
Median Sales and List Prices
The median sales price in West Virginia stands at $242,900, reflecting a year-over-year (YoY) decrease of 3.8%. This decline suggests a cooling in the market compared to the previous year. Similarly, the median list price is $253,300, which is down by 0.7% YoY. These figures indicate that sellers are adjusting their expectations in response to market conditions.
Price Per Square Foot
Despite the drop in overall prices, the median price per square foot has increased significantly to $145, marking an 8.4% YoY rise. The median list price per square foot also saw an increase, reaching $149, up by 4.8% YoY. This suggests that while overall prices are down, the value of the space itself is appreciating, possibly due to higher demand for quality over quantity.
Sales and Listings Activity
The number of homes sold in July 2024 is 1,118, which is a substantial 19.8% increase YoY. Pending sales have also surged to 1,313, up by 27.7% YoY. New listings have risen to 1,292, reflecting a 21.7% YoY increase. These figures indicate a robust market activity with more transactions and new properties entering the market.
Inventory and Supply
The inventory of homes available for sale is 2,942, showing a 5.9% increase YoY. However, the months of supply have drastically decreased by 40.0% YoY, now standing at 2.60 months. This sharp decline in supply suggests that homes are being sold faster than new ones are coming onto the market, contributing to a tighter market.
Market Dynamics
The median days on market is 47, down by 8.0% YoY, indicating that homes are selling more quickly. The average sale to list ratio is 97.5%, a slight decrease of 0.8% YoY, suggesting that buyers are negotiating prices slightly below the list price. The percentage of homes sold above list price is 22.8%, down by 2.4% YoY, further indicating a shift towards a buyer's market.
Price Adjustments and Off-Market Activity
Price drops have increased to 28.6%, up by 21.1% YoY, indicating that sellers are more frequently reducing prices to attract buyers. Additionally, 42.1% of homes went off the market within two weeks, a 17.3% YoY increase, suggesting that well-priced homes are still moving quickly.
Conclusion
In summary, the West Virginia housing market in July 2024 is characterized by a decrease in median sales and list prices, but an increase in price per square foot. Sales activity is robust with higher numbers of homes sold and pending sales, while inventory levels are rising but supply remains tight. Market dynamics show quicker sales and more price adjustments, indicating a shift towards a more balanced market. Buyers and sellers alike should stay informed and adaptable to navigate these evolving conditions.
