menu
Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Morgantown, WV Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Morgantown, WV Housing Market Trends

With 30,277 people, 12,035 houses or apartments, and a median cost of homes of $327,598, Morgantown real estate is some of the most expensive in West Virginia, although Morgantown home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Morgantown, accounting for 45.59% of the city's housing units. Other types of housing that are prevalent in Morgantown include large apartment complexes or high rise apartments ( 28.23%), duplexes, homes converted to apartments or other small apartment buildings ( 21.80%), and a few row houses and other attached homes ( 2.55%).

People in Morgantown primarily live in small (one, two or no bedroom) single-family detached homes. Morgantown has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Morgantown's housing was primarily built during this period, from the '40s through the '60s. A full 30.16% of the city's housing hails from this era. Other housing ages represented in Morgantown include homes built before 1939 ( 26.02%) and housing constructed between 1970-1999 ( 25.88%). There's also some housing in Morgantown built between 2000 and later ( 17.94%).

Vacant housing appears to be an issue in Morgantown. Fully 13.94% of the housing stock is classified as vacant. Left unchecked, vacant Morgantown homes and apartments can be a drag on the real estate market, holding Morgantown 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.

Morgantown Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Morgantown, where house values have increased just 43.89%, which is annualized rate of 3.71%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Morgantown appreciation rates have trailed the rest of the nation. In the last twelve months, Morgantown's appreciation rate has been 1.85%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Morgantown were at -1.31%, which equates to an annual appreciation rate of -5.14%.

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

Relative to West Virginia, our data show that Morgantown's latest annual appreciation rate is lower than 90% of the other cities and towns in West Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Morgantown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Morgantown - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Morgantown real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$327,598

Morgantown, WV Home Prices
> $1,265,000
$949,001 - $1,265,000
$633,001 - $949,000
$506,001 - $633,000
$380,001 - $506,000
$253,001 - $380,000
$127,001 - $253,000
$63,001 - $127,000
$0 - $63,000
0.6%
0.6%
0.7%
0.7%
5.2%
5.2%
7.6%
7.6%
18.4%
18.4%
36.6%
36.6%
23.9%
23.9%
2.5%
2.5%
4.5%
4.5%
0% 100.0%
% of Homes
Very High

for West virginia

High

for nation

Number of Homes And Apartments:

12,035

Morgantown Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,279 / per month

Homeownership Rate

Owners
Renters
35.8%
35.8%
64.2%
64.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.9%
13.9%
86.1%
86.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
17.9%
17.9%
25.9%
25.9%
30.2%
30.2%
26.0%
26.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
45.6%
45.6%
2.5%
2.5%
21.8%
21.8%
28.2%
28.2%
1.8%
1.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.8%
5.8%
13.4%
13.4%
32.9%
32.9%
33.7%
33.7%
11.2%
11.2%
2.9%
2.9%
0% 100.0%
% of Homes