Morgantown Real Estate. Even As Lots Of Areas Are Suffering, Home Prices And Sales Keep Increasing In Morgantown

Morgantown WV is definitely a special section of the country. While the majority of areas in the United States have seen their economy and real estate markets drop in to a large mess, Morgantown and Monongalia County are not simply doing okay, they are starting to improve significantly.

There was definitely a drop here in Morgantown real estate, nevertheless, it was by no means as poor as others have seen and continue to deal with on a daily basis. From 2007 to 2008 saw the biggest decline in single family homes and townhouses sold in Morgantown with a 13% reduction. In between 2008 and 2009, quite possibly the middle of the great recession, Morgantown had only a 6% decline. From 2009 to 2024 while other cities Real Estate markets ended up in the middle of a serious depression, Morgantown property sales literally increased 8.6%, and the dollar amount of sales grew almost 14%! Those are certainly amazing statistics when we carefully consider exactly how devastated numerous areas throughout the United States have been over the identical period of time.

Of course numbers such as those make everybody with commonsense ask the following: Why on earth is Morgantown real estate and its overall economy doing so well compared to almost everywhere else? While there is no definitive reason but rather a variety of things that are making this region blossom while others fall apart. Morgantown is home to West Virginia University. It is honestly the mainstay for the area in many ways including economically and with Real Estate. Almost always there is a continuous flow of instructors and support staff that come and go inside the University. Of course those individuals must live somewhere. Regardless if they just stay in Morgantown for 3 or 4 years, they get paid enough income to make it worth their while to pay for a house.

Besides WVU there are also several other sources of economic balance in Morgantown. Several government agencies are based here, along with a thriving healthcare industry which includes a major pharmaceutical company. Over and above that the oil, coal and natural gas sectors are positively thriving here in Northern West Virginia. All of these factors combined are making the Morgantown area a truly insulated economy and helped its real estate market enjoy a gentle downfall. With forecasts for a large number of other corporations to enter the area, the future is undoubtedly bright for Morgantown real estate.

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Morgantown Real Estate. Even As Lots Of Areas Are Suffering, Home Prices And Sales Keep Increasing In Morgantown

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