Summersville, WV Housing Market Trends
With 3,344 people, 1,618 houses or apartments, and a median cost of homes of $350,077, Summersville real estate is some of the most expensive in West Virginia, although Summersville home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Summersville, accounting for 70.74% of the city's housing units. Other types of housing that are prevalent in Summersville include mobile homes or trailers ( 15.93%), large apartment complexes or high rise apartments ( 10.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.50%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Summersville. Owner-occupied housing accounts for 66.12% of Summersville's homes, and 61.50% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Summersville built from 1970 to 1999 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 Summersville built between 1940-1969 ( 34.89%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.43%). There's also some housing in Summersville built before 1939 ( 5.68%).
Vacant housing appears to be an issue in Summersville. Fully 14.07% of the housing stock is classified as vacant. Left unchecked, vacant Summersville homes and apartments can be a drag on the real estate market, holding Summersville 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.
Summersville Home Appreciation Rates
Appreciation rates for homes in Summersville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 95.83%, which ranks in the top 50% nationwide. This equates to an annual average Summersville house appreciation rate of 6.95%.
Appreciation rates are so strong in Summersville that despite a nationwide downturn in the housing market, Summersville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Summersville appreciation rates continue to be some of the highest in America, at 10.41%, which is higher than appreciation rates in 87.12% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Summersville. Summersville appreciation rates in the latest quarter were at 4.86%, which equates to an annual appreciation rate of 20.90%.
Importantly, this makes Summersville one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to West Virginia, our data show that Summersville's latest annual appreciation rate is higher than 70% of the other cities and towns in West Virginia.
Median Home Value
$350,077
Very High
for West virginia
High
for nation
Number of Homes And Apartments:
1,618
WV
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$910 / per month