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 | Mercer County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $67,753 | $94,066 | $242,182 |
| Price Trend (Annual %) | 5.6% | 1.9% | 8.2% |
| Median Gross Rent | $812 | $849 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mercer County is about 28% lower than in West Virginia. Rent is about 4% 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 Mercer County, up about 5.6% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Mercer County rose about 36.5% between 2015 and 2023, from $595 to $812. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Mercer County.
Buying the median-priced home in Mercer County costs roughly 6.9 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 Mercer County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Mercer County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $67,753 | $94,066 | $242,182 |
| Median Household Income | $48,003 | $57,886 | $78,145 |
| Price-to-Income Ratio | 1.4 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mercer County rose about 61.2%, while median household income rose about 52.6% 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 | Mercer County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.0% | 62.4% | 58.2% |
| Rental Rate | 25.2% | 21.6% | 31.3% |
| Vacancy Rate | 16.8% | 16.1% | 10.6% |
| Median Tenure (years) | 18.0 | 18.0 | 15.0 |
| Median Year Moved In | 2008 | 2008 | 2011 |
Mercer County has a homeownership rate of 58.0%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 16.8%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Mercer County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1974 | 1974 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Mercer County was built around 1974. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mercer County, West Virginia.
What is the median home price in Mercer County, West Virginia?
The median home price in Mercer County, West Virginia is $67,753, lower than the West Virginia average of $94,066.
What is the average home price in Mercer 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 Mercer County, West Virginia?
The median gross rent in Mercer County, West Virginia is $812 per month, lower than the West Virginia average of $849.
What was the median gross rent in Mercer County in 2020?
In 2020, the median gross rent in Mercer County, West Virginia was $694 per month.
What is the price-to-rent ratio in Mercer County, West Virginia?
The price-to-rent ratio in Mercer County, West Virginia is about 6.9, meaning it would take roughly 6.9 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 Mercer County.
Are home prices or rent rising faster in Mercer County, West Virginia?
Both home prices and rent are rising in Mercer County, up about 5.6% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mercer County, West Virginia?
58.0% of households in Mercer County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in Mercer County, West Virginia?
The housing vacancy rate in Mercer County, West Virginia is 16.8%, higher than the West Virginia average of 16.1%.