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 | Hardy County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $317,308 | $94,066 | $242,182 |
| Price Trend (Annual %) | 141.7% | 1.9% | 8.2% |
| Median Gross Rent | $820 | $849 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hardy County is about 237% higher than in West Virginia. Rent is about 3% lower than the West Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Hardy County, up about 141.7% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Hardy County rose about 36.6% between 2015 and 2023, from $600 to $820. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 6.4 yearly household incomes in Hardy County.
Buying the median-priced home in Hardy County costs roughly 32.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hardy County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Hardy County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $317,308 | $94,066 | $242,182 |
| Median Household Income | $49,300 | $57,886 | $78,145 |
| Price-to-Income Ratio | 6.4 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hardy County rose about 136.4%, while median household income rose about 41.6% 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 | Hardy County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.2% | 62.4% | 58.2% |
| Rental Rate | 14.7% | 21.6% | 31.3% |
| Vacancy Rate | 28.1% | 16.1% | 10.6% |
| Median Tenure (years) | 18.0 | 18.0 | 15.0 |
| Median Year Moved In | 2008 | 2008 | 2011 |
Hardy County has a homeownership rate of 57.2%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 28.1%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Hardy County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1982 | 1974 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Hardy County was built around 1982. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hardy County, West Virginia.
What is the median home price in Hardy County, West Virginia?
The median home price in Hardy County, West Virginia is $317,308, higher than the West Virginia average of $94,066.
What is the average home price in Hardy 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 Hardy County, West Virginia?
The median gross rent in Hardy County, West Virginia is $820 per month, lower than the West Virginia average of $849.
What was the median gross rent in Hardy County in 2020?
In 2020, the median gross rent in Hardy County, West Virginia was $813 per month.
What is the price-to-rent ratio in Hardy County, West Virginia?
The price-to-rent ratio in Hardy County, West Virginia is about 32.2, meaning it would take roughly 32.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hardy County.
Are home prices or rent rising faster in Hardy County, West Virginia?
Both home prices and rent are rising in Hardy County, up about 141.7% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hardy County, West Virginia?
57.2% of households in Hardy County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in Hardy County, West Virginia?
The housing vacancy rate in Hardy County, West Virginia is 28.1%, higher than the West Virginia average of 16.1%.