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 2,787 people, 1,014 houses or apartments, and a median cost of homes of $108,763, house prices in Madison 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 Madison, accounting for 69.75% of the city's housing units. Other types of housing that are prevalent in Madison include duplexes, homes converted to apartments or other small apartment buildings ( 12.52%), mobile homes or trailers ( 9.95%), and a few large apartment complexes or high rise apartments ( 7.78%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Madison. Owner-occupied housing accounts for 75.38% of Madison's homes, and 55.37% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Madison's housing was primarily built during this period, from the '40s through the '60s. A full 49.61% of the city's housing hails from this era. Other housing ages represented in Madison include homes built between 1970-1999 ( 30.64%) and housing constructed before 1939 ( 14.70%). There's also some housing in Madison built between 2000 and later ( 5.05%).
Vacant housing appears to be an issue in Madison. Fully 21.15% of the housing stock is classified as vacant. Left unchecked, vacant Madison homes and apartments can be a drag on the real estate market, holding Madison 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Madison, where house values have increased just 45.73%, which is annualized rate of 3.84%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Madison that despite a nationwide downturn in the housing market, Madison real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Madison appreciation rates continue to be some of the highest in America, at 10.80%, which is higher than appreciation rates in 90.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Madison. Madison appreciation rates in the latest quarter were at -3.71%, which equates to an annual appreciation rate of -14.04%.
Notably, Madison's appreciation rate in the latest quarter is one of the lowest in America.
Relative to West Virginia, our data show that Madison's latest annual appreciation rate is lower than 60% of the other cities and towns in West Virginia.
$108,763
for West virginia
for nation
1,014
$1,354 / per month