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 | Summers County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $140,243 | $94,066 | $242,182 |
| Price Trend (Annual %) | 11.0% | 1.9% | 8.2% |
| Median Gross Rent | $922 | $849 | $1,342 |
| Rent Trend (Annual %) | 7.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Summers County is about 49% higher than in West Virginia. Rent is about 9% higher 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 Summers County, up about 11.0% and 7.5% a year respectively. Home prices are changing faster.
Median rent in Summers County rose about 64.5% between 2015 and 2023, from $560 to $922. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Summers County.
Buying the median-priced home in Summers County costs roughly 12.7 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 Summers County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Summers County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $140,243 | $94,066 | $242,182 |
| Median Household Income | $42,472 | $57,886 | $78,145 |
| Price-to-Income Ratio | 3.3 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Summers County rose about 147.5%, while median household income rose about 55.9% 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 | Summers County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.4% | 62.4% | 58.2% |
| Rental Rate | 14.0% | 21.6% | 31.3% |
| Vacancy Rate | 26.6% | 16.1% | 10.6% |
| Median Tenure (years) | 20.0 | 18.0 | 15.0 |
| Median Year Moved In | 2006 | 2008 | 2011 |
Summers County has a homeownership rate of 59.4%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 26.6%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Summers County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1974 | 1974 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Summers County was built around 1974. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Summers County, West Virginia.
What is the median home price in Summers County, West Virginia?
The median home price in Summers County, West Virginia is $140,243, higher than the West Virginia average of $94,066.
What is the average home price in Summers 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 Summers County, West Virginia?
The median gross rent in Summers County, West Virginia is $922 per month, higher than the West Virginia average of $849.
What was the median gross rent in Summers County in 2020?
In 2020, the median gross rent in Summers County, West Virginia was $767 per month.
What is the price-to-rent ratio in Summers County, West Virginia?
The price-to-rent ratio in Summers County, West Virginia is about 12.7, meaning it would take roughly 12.7 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 Summers County.
Are home prices or rent rising faster in Summers County, West Virginia?
Both home prices and rent are rising in Summers County, up about 11.0% and 7.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Summers County, West Virginia?
59.4% of households in Summers County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in Summers County, West Virginia?
The housing vacancy rate in Summers County, West Virginia is 26.6%, higher than the West Virginia average of 16.1%.