West Virginia Housing Market: November 2024 Analysis
The West Virginia housing market in November 2024 presents a dynamic landscape characterized by rising prices and increased sales activity. The Median Sales Price has reached $261,600, marking a 3.1% increase year-over-year (YoY). This upward trend in sales prices is mirrored by the Median List Price, which stands at $264,100, reflecting a modest 1.1% YoY increase. These figures suggest a steady appreciation in home values, albeit at a slower pace for list prices compared to sales prices.
Price Per Square Foot has also seen significant growth, with the median Price Per Square Foot at $146, up by 5.1% YoY. The Median List Price per square foot is slightly higher at $149, showing a 5.5% YoY increase. This indicates a robust demand for housing, as buyers are willing to pay more per square foot than they did a year ago.
Sales activity has been particularly strong, with 963 Homes Sold, representing a substantial 13.4% increase YoY. Pending Sales are even more impressive, with 991 transactions in the pipeline, up by 18.5% YoY. This surge in sales activity is supported by an increase in New Listings, which have risen by 5.8% YoY to 878. However, the Inventory of Homes Available for sale has grown by 9.6% YoY to 3,003, indicating that while demand is high, supply is also expanding to meet it.
The Months of Supply, a key indicator of market balance, has decreased by 10.0% YoY to 3.10 months. This decline suggests a shift towards a seller's market, where demand outpaces supply, leading to quicker sales. This is further evidenced by the Median Days on Market, which has dropped by 16.0% YoY to 46 days, indicating that homes are selling faster than they did a year ago.
The average sale to list ratio remains stable at 97.2%, with a slight YoY increase of 0.1%. This stability suggests that homes are generally selling close to their asking prices. Additionally, the percentage of Homes Sold above list price has increased by 1.1% YoY to 21.0%, highlighting competitive bidding in certain segments of the market.
Price Drops have become more common, with 22.1% of listings experiencing reductions, up by 13.6% YoY. This could indicate that while demand is strong, some sellers may be adjusting their expectations to align with market realities. Furthermore, the percentage of homes going off the market within two weeks has risen by 13.2% YoY to 31.1%, underscoring the brisk pace of transactions.
Overall, the West Virginia housing market in November 2024 is characterized by rising prices, increased sales activity, and a competitive environment for buyers. While inventory levels are increasing, the market remains tilted in favor of sellers, with homes selling quickly and often at or above list prices.
