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 412, 175 total housing units (homes and apartments), and a median house value of $213,044, house prices in Paw Paw are solidly below the national average.
Single-family detached homes are the single most common housing type in Paw Paw, accounting for 82.32% of the town's housing units. Other types of housing that are prevalent in Paw Paw include mobile homes or trailers ( 10.61%), duplexes, homes converted to apartments or other small apartment buildings ( 3.54%), and a few large apartment complexes or high rise apartments ( 2.53%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Paw Paw. Owner-occupied housing accounts for 66.28% of Paw Paw's homes, and 71.21% have either three or four bedrooms, which is average sized relative to America.
The housing in Paw Paw was primarily built before 1939 ( 42.42%), making the housing stock in Paw Paw some of the oldest overall in America, although there is a range of ages of homes in Paw Paw. The next most important housing age is between 1970-1999 ( 31.31%), followed by between 1940-1969 ( 16.67%). There's also some housing in Paw Paw built between 2000 and later ( 9.60%).
Vacant housing appears to be an issue in Paw Paw. Fully 11.62% of the housing stock is classified as vacant. Left unchecked, vacant Paw Paw homes and apartments can be a drag on the real estate market, holding Paw Paw 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.
Real estate appreciation rates in Paw Paw's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.94% during the period.
Appreciation rates are so strong in Paw Paw that despite a nationwide downturn in the housing market, Paw Paw real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Paw Paw appreciation rates continue to be some of the highest in America, at 9.48%, which is higher than appreciation rates in 84.17% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Paw Paw. Paw Paw appreciation rates in the latest quarter were at 5.18%, which equates to an annual appreciation rate of 22.39%.
Importantly, this makes Paw Paw one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to West Virginia, our data show that Paw Paw's latest annual appreciation rate is lower than 60% of the other cities and towns in West Virginia.
$213,044
for West virginia
for nation
175
$1,154 / per month