Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Clay County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $96,315 | $94,066 | $242,182 |
| Price Trend (Annual %) | 14.4% | 1.9% | 8.2% |
| Median Gross Rent | $588 | $849 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 2% higher than in West Virginia. Rent is about 31% lower than the West Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Clay County, up about 14.4% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Clay County rose about 23.6% between 2015 and 2023, from $476 to $588. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 13.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Clay County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Clay County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $96,315 | $94,066 | $242,182 |
| Median Household Income | $42,805 | $57,886 | $78,145 |
| Price-to-Income Ratio | 2.3 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Clay County rose about 154.3%, while median household income rose about 38.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Clay County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.2% | 62.4% | 58.2% |
| Rental Rate | 15.8% | 21.6% | 31.3% |
| Vacancy Rate | 25.0% | 16.1% | 10.6% |
| Median Tenure (years) | 23.0 | 18.0 | 15.0 |
| Median Year Moved In | 2003 | 2008 | 2011 |
Clay County has a homeownership rate of 59.2%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 25.0%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Clay County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1983 | 1974 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Clay County was built around 1983. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 23.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, West Virginia.
What is the median home price in Clay County, West Virginia?
The median home price in Clay County, West Virginia is $96,315, higher than the West Virginia average of $94,066.
What is the average home price in Clay County, West Virginia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Clay County, West Virginia?
The median gross rent in Clay County, West Virginia is $588 per month, lower than the West Virginia average of $849.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, West Virginia was $517 per month.
What is the price-to-rent ratio in Clay County, West Virginia?
The price-to-rent ratio in Clay County, West Virginia is about 13.6, meaning it would take roughly 13.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Clay County.
Are home prices or rent rising faster in Clay County, West Virginia?
Both home prices and rent are rising in Clay County, up about 14.4% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clay County, West Virginia?
59.2% of households in Clay County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in Clay County, West Virginia?
The housing vacancy rate in Clay County, West Virginia is 25.0%, higher than the West Virginia average of 16.1%.