West Virginia Housing Market: September 2024 Analysis
The West Virginia housing market in September 2024 presents a dynamic landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $256,800, reflecting a year-over-year increase of 2.9%. This upward trend in sales prices indicates a steady appreciation in property values, albeit at a moderate pace.
Similarly, the Median List Price mirrors the sales price at $256,800, with a year-over-year growth of 1.2%. This suggests that sellers are adjusting their expectations in line with market conditions, though the increase is less pronounced compared to the sales price.
In terms of Price Per Square Foot, the median price has risen to $144, marking a significant year-over-year increase of 5.5%. The Median List Price per square foot is slightly higher at $149, with a 4.9% increase from the previous year. These figures highlight a robust demand for space, contributing to the overall rise in property values.
Despite the positive trends in pricing, the number of Homes Sold has decreased by 2.3% year-over-year, totaling 954 units. This decline in sales volume may be attributed to various factors, including affordability challenges and changing buyer preferences. However, the market shows signs of resilience with Pending Sales surging by 23.0% year-over-year, reaching 1,192 units. This indicates a strong pipeline of transactions that could materialize in the coming months.
New Listings have also seen a substantial increase, up by 18.2% year-over-year, totaling 1,238 units. This influx of new inventory is contributing to the overall supply, which has grown by 13.3% year-over-year, reaching 3,190 units. The Months of Supply, a critical indicator of market balance, has increased by 40.0% year-over-year to 3.3 months, suggesting a shift towards a more balanced market.
The Median Days on Market have decreased by 9.0% year-over-year, now standing at 47 days. This reduction indicates that homes are selling more quickly, reflecting strong buyer interest and competitive market conditions.
The average sale to list ratio remains stable at 97.2%, with a slight year-over-year increase of 0.2%. The percentage of Homes Sold above list price has risen to 23.8%, up by 3.9% year-over-year, indicating competitive bidding scenarios in certain segments of the market.
Price Drops have become more prevalent, with 26.1% of listings experiencing reductions, marking a 19.0% increase year-over-year. This trend suggests that some sellers are adjusting their pricing strategies to align with buyer expectations. Additionally, 40.9% of homes are going off the market within two weeks, a 19.0% increase year-over-year, highlighting the swift pace of transactions in the current market environment.
Overall, the West Virginia housing market in September 2024 exhibits a mix of growth and challenges. While prices continue to rise, the decrease in Homes Sold and the increase in Price Drops indicate a market in transition. The increase in Pending Sales and New Listings, coupled with a shorter time on the market, suggests a dynamic environment where both buyers and sellers are actively engaging in transactions.
