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 | Raleigh County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $82,069 | $94,066 | $242,182 |
| Price Trend (Annual %) | 4.4% | 1.9% | 8.2% |
| Median Gross Rent | $847 | $849 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Raleigh County is about 13% lower than in West Virginia. Rent follows a similar pattern, running close to 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 Raleigh County, up about 4.4% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Raleigh County rose about 32.4% between 2015 and 2023, from $640 to $847. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Raleigh County.
Buying the median-priced home in Raleigh County costs roughly 8.1 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 Raleigh County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Raleigh County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $82,069 | $94,066 | $242,182 |
| Median Household Income | $51,355 | $57,886 | $78,145 |
| Price-to-Income Ratio | 1.6 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Raleigh County rose about 26.7%, while median household income rose about 37.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Raleigh County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.6% | 62.4% | 58.2% |
| Rental Rate | 21.3% | 21.6% | 31.3% |
| Vacancy Rate | 16.1% | 16.1% | 10.6% |
| Median Tenure (years) | 20.0 | 18.0 | 15.0 |
| Median Year Moved In | 2006 | 2008 | 2011 |
Raleigh County has a homeownership rate of 62.6%, about the same as the West Virginia average of 62.4%. Its housing vacancy rate is 16.1%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Raleigh County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1975 | 1974 | 1978 |
| Median Number of Rooms | 6.1 | 5.9 | 5.5 |
The typical housing unit in Raleigh County was built around 1975. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Raleigh County, West Virginia.
What is the median home price in Raleigh County, West Virginia?
The median home price in Raleigh County, West Virginia is $82,069, lower than the West Virginia average of $94,066.
What is the average home price in Raleigh 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 Raleigh County, West Virginia?
The median gross rent in Raleigh County, West Virginia is $847 per month, about the same as the West Virginia average.
What was the median gross rent in Raleigh County in 2020?
In 2020, the median gross rent in Raleigh County, West Virginia was $721 per month.
What is the price-to-rent ratio in Raleigh County, West Virginia?
The price-to-rent ratio in Raleigh County, West Virginia is about 8.1, meaning it would take roughly 8.1 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 Raleigh County.
Are home prices or rent rising faster in Raleigh County, West Virginia?
Both home prices and rent are rising in Raleigh County, up about 4.4% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Raleigh County, West Virginia?
62.6% of households in Raleigh County, West Virginia own their home, about the same as the West Virginia average.
What is the vacancy rate in Raleigh County, West Virginia?
The housing vacancy rate in Raleigh County, West Virginia is 16.1%, about the same as the West Virginia average.