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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Romney, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Romney, WV Housing Market Trends

With 1,756 people, 738 houses or apartments, and a median cost of homes of $235,605, house prices in Romney are solidly below the national average.

Single-family detached homes are the single most common housing type in Romney, accounting for 63.43% of the city's housing units. Other types of housing that are prevalent in Romney include large apartment complexes or high rise apartments ( 23.30%), duplexes, homes converted to apartments or other small apartment buildings ( 8.05%), and a few mobile homes or trailers ( 4.60%).

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

There is a lot of housing in Romney built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Romney built between 1940-1969 ( 34.27%). A lesser amount of the housing stock also hails from before 1939 ( 16.41%). There's also some housing in Romney built between 2000 and later ( 4.60%).

Vacant housing appears to be an issue in Romney. Fully 22.88% of the housing stock is classified as vacant. Left unchecked, vacant Romney homes and apartments can be a drag on the real estate market, holding Romney 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.

Romney Home Appreciation Rates

Appreciation rates for homes in Romney have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 84.77%, which ranks in the top 50% nationwide. This equates to an annual average Romney house appreciation rate of 6.33%.

Over the last year, Romney appreciation rates have trailed the rest of the nation. In the last twelve months, Romney's appreciation rate has been 4.41%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Romney were at -0.77%, which equates to an annual appreciation rate of -3.05%.

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

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

Average Home Values

Median Home Value

$235,605

Romney, WV Home Prices
> $1,333,000
$1,000,001 - $1,333,000
$667,001 - $1,000,000
$534,001 - $667,000
$400,001 - $534,000
$267,001 - $400,000
$134,001 - $267,000
$67,001 - $134,000
$0 - $67,000
0.0%
0.0%
0.0%
0.0%
3.5%
3.5%
1.2%
1.2%
4.6%
4.6%
25.9%
25.9%
37.9%
37.9%
19.0%
19.0%
8.0%
8.0%
0% 100.0%
% of Homes
Very High

for West virginia

Average

for nation

Number of Homes And Apartments:

738

Romney Appreciation Rates

Rent & Ownership

Average Market Rent:

$891 / per month

Homeownership Rate

Owners
Renters
50.4%
50.4%
49.6%
49.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
22.9%
22.9%
77.1%
77.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.6%
4.6%
44.7%
44.7%
34.3%
34.3%
16.4%
16.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.4%
63.4%
0.6%
0.6%
8.0%
8.0%
23.3%
23.3%
4.6%
4.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.6%
0.6%
15.8%
15.8%
35.2%
35.2%
32.8%
32.8%
12.3%
12.3%
3.2%
3.2%
0% 100.0%
% of Homes