Benwood, WV Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Benwood, WV Housing Market Trends

With a population of 1,278, 596 total housing units (homes and apartments), and a median house value of $62,965, house prices in Benwood are some of the most affordable in West Virginia as well as the nation.

Single-family detached homes are the single most common housing type in Benwood, accounting for 65.88% of the city's housing units. Other types of housing that are prevalent in Benwood include duplexes, homes converted to apartments or other small apartment buildings ( 10.82%), row houses and other attached homes ( 9.85%), and a few large apartment complexes or high rise apartments ( 9.57%).

People in Benwood primarily live in small (one, two or no bedroom) single-family detached homes. Benwood has a mixture of owner-occupied and renter-occupied housing.

The housing in Benwood was primarily built before 1939 ( 49.51%), making the housing stock in Benwood some of the oldest overall in America, although there is a range of ages of homes in Benwood. The next most important housing age is between 1940-1969 ( 32.18%), followed by between 1970-1999 ( 17.20%). There's also some housing in Benwood built between 2000 and later ( 1.11%).

Vacant housing appears to be an issue in Benwood. Fully 17.34% of the housing stock is classified as vacant. Left unchecked, vacant Benwood homes and apartments can be a drag on the real estate market, holding Benwood real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Benwood Home Appreciation Rates

Real estate appreciation rates in Benwood's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.48% during the period.

Over the last year, Benwood appreciation rates have trailed the rest of the nation. In the last twelve months, Benwood's appreciation rate has been 4.36%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Benwood were at 1.51%, which equates to an annual appreciation rate of 6.19%.

Notably, Benwood's appreciation rate in the latest quarter is one of the lowest in America.

Relative to West Virginia, our data show that Benwood's latest annual appreciation rate is lower than 80% of the other cities and towns in West Virginia.

Average Home Values

 

Median Home Value:
$62,965

Benwood, WV HOME PRICES

> $1,120,000
0.1%
0.1%
$840,001 - $1,120,000
0.1%
0.1%
$560,001 - $840,000
1.2%
1.2%
$448,001 - $560,000
0.3%
0.3%
$336,001 - $448,000
2.9%
2.9%
$224,001 - $336,000
5.7%
5.7%
$112,001 - $224,000
11.7%
11.7%
$56,001 - $112,000
41.0%
41.0%
$0 - $56,000
37.0%
37.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for WV

Value Relative To Nation

Number Of Homes And Apartments:
596

Benwood Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WV*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
67.48% 2.43%
5
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$694 / per month

Homeownership Rate

Owners
60.7%
60.7%
Renters
39.3%
39.3%
Vacant
17.3%
17.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.1%
1.1%
1970 - 1999
17.2%
17.2%
1940 - 1969
32.2%
32.2%
1939 or Older
49.5%
49.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.9%
65.9%
Townhomes
9.8%
9.8%
Small Apt. Buildings
10.8%
10.8%
Apt. Complexes
9.6%
9.6%
Mobile Homes
3.9%
3.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.2%
1.2%
1 Bedroom
18.6%
18.6%
2 Bedrooms
38.8%
38.8%
3 Bedrooms
34.0%
34.0%
4 Bedrooms
6.0%
6.0%
5 or more bedrooms
1.4%
1.4%
0.0% 100.0%
% OF HOMES