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 2,739, 1,353 total housing units (homes and apartments), and a median house value of $163,786, the cost of homes in Follansbee is among some of the lowest in the nation. Compared to West Virginia, however, Follansbee real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Follansbee, accounting for 68.45% of the city's housing units. Other types of housing that are prevalent in Follansbee include large apartment complexes or high rise apartments ( 23.46%), duplexes, homes converted to apartments or other small apartment buildings ( 6.02%), and a few mobile homes or trailers ( 1.80%).
Dwellings in Follansbee tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 52.61% of the homes in Follansbee have two or fewer bedrooms.
There is a lot of housing in Follansbee 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 Follansbee built before 1939 ( 32.09%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.19%). There's also some housing in Follansbee built between 2000 and later ( 3.41%).
Real estate appreciation rates in Follansbee's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.25% during the period.
Over the last year, Follansbee appreciation rates have trailed the rest of the nation. In the last twelve months, Follansbee's appreciation rate has been 4.08%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Follansbee were at -4.64%, which equates to an annual appreciation rate of -17.30%.
Notably, Follansbee's appreciation rate in the latest quarter is one of the lowest in America.
Relative to West Virginia, our data show that Follansbee's latest annual appreciation rate is lower than 80% of the other cities and towns in West Virginia.
$163,786
for West virginia
for nation
1,353
$1,907 / per month