Nitro WV
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Nitro, 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 Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Nitro Housing Market Information

With 6,462 people, 2,875 houses or apartments, and a median cost of homes of $105,590, the cost of homes in Nitro is among some of the lowest in the nation. Compared to West Virginia, however, Nitro real state is not on the lower end of the price spectrum.

Single-family detached homes are the single most common housing type in Nitro, accounting for 72.05% of the city's housing units. Other types of housing that are prevalent in Nitro include large apartment complexes or high rise apartments ( 12.98%), duplexes, homes converted to apartments or other small apartment buildings ( 8.02%), and a few row houses and other attached homes ( 3.99%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Nitro. Owner-occupied housing accounts for 68.07% of Nitro's homes, and 58.08% have either three or four bedrooms, which is average sized relative to America.

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. Nitro's housing was primarily built during this period, from the '40s through the '60s. A full 46.37% of the city's housing hails from this era. Other housing ages represented in Nitro include homes built between 1970-1999 ( 28.28%) and housing constructed before 1939 ( 17.03%). There's also some housing in Nitro built between 2000 and later ( 8.32%).

Vacant housing appears to be an issue in Nitro. Fully 13.04% of the housing stock is classified as vacant. Left unchecked, vacant Nitro homes and apartments can be a drag on the real estate market, holding Nitro 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.

Nitro Home Appreciation Rates

Nitro's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Nitro during the period has been just 0.84%, which is lower than 70% of US communities.

Appreciation rates are so strong in Nitro that despite a nationwide downturn in the housing market, Nitro real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Nitro appreciation rates continue to be some of the highest in America, at 8.86%, which is higher than appreciation rates in 96.39% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Nitro. Nitro appreciation rates in the latest quarter were at -0.22%, which equates to an annual appreciation rate of -0.87%.

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

Relative to West Virginia, our data show that Nitro's latest annual appreciation rate is higher than 70% of the other cities and towns in West Virginia.

Average Home Values

 

Median Home Value:
$105,590

Nitro, WV HOME PRICES

Value Range
> $1,042,000 1.3
$782,001 - $1,042,000 0.0
$521,001 - $782,000 0.0
$417,001 - $521,000 1.9
$313,001 - $417,000 4.6
$208,001 - $313,000 3.1
$104,001 - $208,000 40.6
$52,001 - $104,000 41.2
$0 - $52,000 7.3

Average for WV
Very Low for Nation

Value Relative to Nation Value Relative to State
81.156204379562 58.1196581196581

Number Of Homes And Apartments:
2,875

Nitro Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WV*
Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
36.33% 1.58%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,229 / per month

Homeownership Rate

Homeownership
Owners 68.07
Renters 31.93
Vacant 13.04

Housing Market Details

 

Age of Homes

AGE OF Nitro HOMES
2000 or Newer 8.3
1970 - 1999 28.3
1940 - 1969 46.4
1939 or Older 17.0

Types of Homes

TYPE OF Nitro HOMES
Single-Family 72.1
Townhomes 4.0
Small Apt. Buildings 8.0
Apt. Complexes 13.0
Mobile Homes 3.0
Other 0.0

Home Size

SIZE OF Nitro HOMES
No Bedroom 4.45
1 Bedroom 4.39
2 Bedrooms 29.01
3 Bedrooms 44.43
4 Bedrooms 13.64
5 or more bedrooms 4.08