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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 6,800, 2,758 total housing units (homes and apartments), and a median house value of $197,806, house prices in Elkins are solidly below the national average.
Single-family detached homes are the single most common housing type in Elkins, accounting for 66.15% of the city's housing units. Other types of housing that are prevalent in Elkins include duplexes, homes converted to apartments or other small apartment buildings ( 17.53%), large apartment complexes or high rise apartments ( 7.72%), and a few row houses and other attached homes ( 5.31%).
The most prevalent building size and type in Elkins are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.14% owning and 44.86% renting.
The housing in Elkins was primarily built before 1939 ( 36.26%), making the housing stock in Elkins some of the oldest overall in America, although there is a range of ages of homes in Elkins. The next most important housing age is between 1940-1969 ( 32.71%), followed by between 1970-1999 ( 25.31%). There's also some housing in Elkins built between 2000 and later ( 5.73%).
Vacant housing appears to be an issue in Elkins. Fully 19.03% of the housing stock is classified as vacant. Left unchecked, vacant Elkins homes and apartments can be a drag on the real estate market, holding Elkins 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.
Elkins's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Elkins during the period has been just 5.07%, which is lower than 80% of US communities.
Appreciation rates are so strong in Elkins that despite a nationwide downturn in the housing market, Elkins real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elkins appreciation rates continue to be some of the highest in America, at 17.78%, which is higher than appreciation rates in 98.77% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elkins. Elkins appreciation rates in the latest quarter were at 1.56%, which equates to an annual appreciation rate of 6.39%.
Relative to West Virginia, our data show that Elkins's latest annual appreciation rate is higher than 70% of the other cities and towns in West Virginia.
$197,806
for West virginia
for nation
2,758
$1,256 / per month