Berkeley Springs appreciation rates and housing market information

Berkeley Springs housing market information

With 10,924 people, 4,659 houses or apartments, and a median cost of homes of $197,729, Berkeley Springs real estate is some of the most expensive in West Virginia, although Berkeley Springs home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Berkeley Springs, accounting for 77.70% of the town's housing units. Other types of housing that are prevalent in Berkeley Springs include mobile homes or trailers (20.88%), and a few duplexes, homes converted to apartments, or other small apartment buildings (0.90%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Berkeley Springs. Owner-occupied housing accounts for 69.65% of Berkeley Springs's homes, and 60.09% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Berkeley Springs built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Berkeley Springs built from 1940-1969 (15.90%). A lesser amount of the housing stock also hails from 1995 and later (15.11%), and some were built from 1939 and earlier (15.11%).

Vacant housing appears to be an issue in Berkeley Springs. Fully 20.80% of the housing stock is classified as vacant. Left unchecked, vacant Berkeley Springs homes and apartments can be a drag on the real estate market, holding Berkeley Springs real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Berkeley Springs home appreciation rates

Appreciation rates for homes in Berkeley Springs have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.97%, which ranks in the top 20% nationwide. This equates to an annual average Berkeley Springs house appreciation rate of 10.29%.

Over the last year, Berkeley Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Berkeley Springs's appreciation rate has been -7.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Berkeley Springs were at -1.67%, which equates to an annual appreciation rate of -6.68%.

Notably, Berkeley Springs's appreciation rate in the latest quarter is one of the lowest in America.

Relative to West Virginia, our data show that Berkeley Springs's latest annual appreciation rate is higher than 4% of the other cities and towns in West Virginia.