West Virginia Buyers Agents

Buying a home in West Virginia—what to know.

• Affordable Cost of Living: West Virginia’s allure lies in its affordable cost of living, especially in housing. With homes priced at a median of $286,500, well below the national median of $412,020, it offers a more accessible route to homeownership, easing financial burdens. In Charleston, the capital, living costs are 13% lower than the national average, extending affordability to groceries, utilities, and transportation, making it an appealing destination for a comfortable lifestyle.
• Minimal Traffic Congestion: West Virginia stands out for its minimal traffic congestion, especially in smaller cities and rural areas, offering a pleasant commute compared to urban centers. Even in larger cities like Charleston, traffic remains manageable, enhancing overall navigation throughout the state.
• Beautiful Appalachian Landscapes: West Virginia’s stunning Appalachian landscapes, with rolling hills and rugged mountains draped in lush forests, offer a captivating sight year-round. From vibrant spring blooms to fiery autumn foliage, the terrain showcases a dynamic array of colors. Iconic spots like the New River Gorge, Monongahela National Forest, and Dolly Sods Wilderness Area entice outdoor enthusiasts with hiking trails, whitewater rafting, and awe-inspiring vistas.
• Close-Knit Neighborhoods: West Virginia is famed for its close communities, where camaraderie is integral to daily life. Neighbors are like family, offering steadfast support. Regular gatherings, block parties, and mutual assistance strengthen the bond, fostering a deep sense of belonging within
• Rich Cultural Heritage: West Virginia’s cultural heritage, rooted in music, art, cuisine, and community, is rich and diverse. As a hub of American folk music, it has influenced genres like bluegrass and gospel, celebrated at events like the Appalachian String Band Festival. Its vibrant arts scene, storytelling traditions, and folklore showcase a profound respect for heritage passed down through generations.

West Virginia buyers agents provide Key Tips for Homebuyers in West Virginia in 2024:

• Embark on Your Home Search Journey: Dive into the exhilarating process of finding your dream home. Explore open houses, scour listings, and take leisurely drives through neighborhoods that pique your interest to uncover the perfect abode.
• Secure a Trusted Real Estate Agent: Selecting a reliable real estate agent is a pivotal step in the homebuying venture. Take your time to find an agent with whom you feel comfortable and who possesses the expertise to guide you through the process seamlessly.
• Prepare for Making an Offer: Prior to presenting an offer on a property, consider various factors such as your budget and the prevailing market conditions. Additionally, assess any potential repair costs you may encounter, ensuring you are well-prepared for the negotiation process. Thorough research of the area can provide valuable insights into the rationale behind the seller’s asking price.
• Negotiate Closing Costs: Negotiating closing costs is a customary practice, especially advantageous for first-time homebuyers. These costs, typically ranging from 2% to 5% of the home’s purchase price, encompass various fees such as appraisal and processing fees, along with transfer taxes. Engaging in negotiation can lead to significant savings during the final stages of the homebuying transaction.
• Secure Homeowners Insurance and Finalize the Purchase: Homeowners insurance is a vital safeguard, offering financial protection against a range of potential disasters or incidents that may affect your property. Prior to closing the deal on your new home, securing homeowners insurance is often a prerequisite mandated by lenders, ensuring comprehensive coverage for your investment.

Is 2024 a Good Time to Buy a House in West Virginia? 

Indeed! At present, the number of buyers in the market pales in comparison to the abundance of homes available in West Virginia. The steep surge in interest rates has dissuaded many potential buyers, consequently reducing the likelihood of bidding wars. With the anticipated stabilization of mortgage rates in 2024, an influx of buyers is expected to return. Hence, we strongly advise considering purchasing a house now. Should mortgage payments strain your finances, remember that refinancing is always an option to alleviate the burden.

Implications and Trends

Average Home Prices: The median home price in West Virginia averages at $286,000, experiencing a slight increase of 0.4% year-over-year. The trend of upward movement in median sale prices is expected to continue in 2024, albeit marginally, owing to the tight inventory situation in the state. The sale-to-list price ratio stands at 99.00%, marking a 0.7 percentage point increase compared to September 2022.

Home Sales: According to data from September 2023, there was a notable 7.4% year-over-year decrease in home sales. Specifically, only 412 homes were sold in September 2023, down from 445 in September 2022.

Average Rent Prices: Rental prices exhibit significant variation across the state. For instance, tenants in Falling Waters typically pay an average of $1,850. While those in Keyser pay an average of $541.

Median Days on Market: The median days on the market for homes for sale decreased to 39 days. Representing a 6-day decrease year-over-year.

Pending Sales: The number of homes available for sale has declined by 17.1% compared to 2022. Presently, there are approximately 900 homes listed for sale in West Virginia.

Months of Supply: West Virginia maintains an average of 2 months of supply, indicating a high demand relative to the available inventory. Despite the relatively low supply, it still surpasses the national housing market’s supply levels.

West Virginia Housing Market Predictions 2024 

Anticipated Return of Home Sellers in 2024: Sellers who refrained from entering the market in 2023 are expected to reemerge. Particularly those compelled by new job opportunities or seeking more affordable living arrangements. Additionally, analysts, including Whitney, who accurately predicted the 2008 financial crisis, foresee a surge in housing units as baby boomers opt to downsize, potentially adding up to 30 million units.

Stabilization of Mortgage Interest Rates by the 2nd Half of 2024: Mortgage rates peaked at 7.79% in October 2023, marking the highest level in 23 years. However, a decline to 7.35% in November ensued due to a softening labor market and a slowing economy. Coinciding with a reduction in the annual inflation rate from 3.7% to 3.2%. While rates are expected to remain above 6%, projections suggest stabilization in the latter half of the year.

Increase in Home Buyers: Historically high interest rates deterred potential buyers in 2023, but a resurgence in mortgage demand followed the rate drop to 7.35% in November. With inflation easing and rates stabilizing, a rise in house hunters is anticipated.

Continued Rise in Home Prices: Home prices maintained a steady upward trajectory in key metropolitan areas of West Virginia year-over-year. Peaking at $286K in September 2023. Experts forecast that this trend will persist until the balance between low supply and high demand shifts.

Expansion in New Home Construction Sales: September saw a notable increase in the purchase of new homes. Accounting for 12.3% of total sales which is the highest since 2022. In efforts to attract buyers, home builders offered concessions worth $30,000 in 2023. It is expected that both builders and sellers will intensify efforts to compete for buyers’ attention in 2024.