West Virginia State of the market

As prices doubled in many places housing sales have slowed, which has stalled out their once sweeping appreciation.

Most housing markets posted impressive appreciation gains and then like a bullet hit the pavement. But West Virginia seems to be having more movement as the prices have fallen and buyers now control the real estate market.

Morgantown is home to West Virginia University, and the market is now controlled by the buyers, who are making offers as much as 30 to 40% below listed prices. The median price is $108,000 in Morgantown, which is forecast by Housing Predictor to lose 3.9% on average in home prices in 2007.

Huntington makes its home on the banks of the Ohio river. The city of Huntington recently gained notoriety for the movie entitled, "We Are Marshall." It is the second largest city in the state just behind Charleston. Housing market appreciation will fall 3.8% by the end of the year. The median price hit $129,000.

Huntington above anywhere else in West Virginia has more room for growth. Once suffering from a hard hit economy, more new employers are moving into the area providing new jobs.

In the northeast town of Martinsburg, the market has also had fewer closed transactions, and will see a decrease in appreciation of 5.1% for the year.

The Potomac Highlands is comprised of 8 counties in the state. It is a destination best known for its outdoor adventures, which makes it a popular vacation home market, the segment of the national real estate market which has had the most explosive growth. The demand for vacation homes elevated prices to new highs. But second home buyers have become nervous about the housing market, and as a result the Potomac Highlands with a median price of $413,000 will witness a 6.7% reduction in average prices in 2007.

In the capital city of Charleston the market has been slow now for nearly two years, and the average cost of housing has been decreasing. Charleston has a median price for a single family home of $126,000. Property owners are beginning to become more realistic about the market and cutting their asking prices, which will aid in returning the market to become stronger. In the largest city of West Virginia, the market will see a drop in average values of another 3.2% in 2007.

Buyers are moving to Jefferson, which until recently was considered a town, but in 2006 a Kanawha County judge ordered the town to be dissolved. Jefferson is expected to be annexed by either neighboring town of South Charleston or St. Albans.

Jefferson may be the most affordable area in the state with a median price of $104,000. Home owners aren’t worried about the sky-rocketing cost of housing there and should see a mild 1.2% reduction in average values in 2007.

 

Article Source http://www.housingpredictor.com/westvirginia.html