Charleston, WV
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Charleston, WV Real Estate Data

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 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Charleston Housing Market Information

With a population of 47,929, 22,042 total housing units (homes and apartments), and a median house value of $148,978, house prices in Charleston are solidly below the national average.

Single-family detached homes are the single most common housing type in Charleston, accounting for 66.09% of the city's housing units. Other types of housing that are prevalent in Charleston include large apartment complexes or high rise apartments ( 16.87%), duplexes, homes converted to apartments or other small apartment buildings ( 13.12%), and a few row houses and other attached homes ( 3.29%).

The most prevalent building size and type in Charleston are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.10% owning and 45.90% renting.

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. Charleston's housing was primarily built during this period, from the '40s through the '60s. A full 50.30% of the city's housing hails from this era. Other housing ages represented in Charleston include homes built between 1970-1999 ( 25.27%) and housing constructed before 1939 ( 19.73%). There's also some housing in Charleston built between 2000 and later ( 4.71%).

Vacant housing appears to be an issue in Charleston. Fully 13.05% of the housing stock is classified as vacant. Left unchecked, vacant Charleston homes and apartments can be a drag on the real estate market, holding Charleston 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.

Charleston Home Appreciation Rates

Charleston's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Charleston during the period has been just 0.45%, which is lower than 70% of US communities.

Over the last year, Charleston appreciation rates have trailed the rest of the nation. In the last twelve months, Charleston's appreciation rate has been 1.79%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Charleston were at -3.35%, which equates to an annual appreciation rate of -12.75%.

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

Relative to West Virginia, our data show that Charleston's latest annual appreciation rate is lower than 60% 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 Charleston differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Charleston - 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 Charleston real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$148,978

Charleston, WV HOME PRICES

Value Range
> $1,019,000 0.5
$764,001 - $1,019,000 1.2
$509,001 - $764,000 2.8
$407,001 - $509,000 4.1
$306,001 - $407,000 6.8
$204,001 - $306,000 16.9
$102,001 - $204,000 33.4
$51,001 - $102,000 24.9
$0 - $51,000 9.3

High for WV
Average for Nation

Value Relative to Nation Value Relative to State
57.2262773722628 21.3675213675214

Number Of Homes And Apartments:
22,042

Charleston Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WV*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
23.75% 1.11%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$985 / per month

Homeownership Rate

Homeownership
Owners 54.10
Renters 45.90
Vacant 13.05

Housing Market Details

 

Age of Homes

AGE OF Charleston HOMES
2000 or Newer 4.7
1970 - 1999 25.3
1940 - 1969 50.3
1939 or Older 19.7

Types of Homes

TYPE OF Charleston HOMES
Single-Family 66.1
Townhomes 3.3
Small Apt. Buildings 13.1
Apt. Complexes 16.9
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Charleston HOMES
No Bedroom 3.06
1 Bedroom 13.53
2 Bedrooms 27.99
3 Bedrooms 35.55
4 Bedrooms 15.40
5 or more bedrooms 4.47