Real Estate market sees boom, property values increase eight percent

Top Stories

LEWISBURG, WV (WVNS) — If you are thinking about selling your home in the Mountain State, now might be a good time, as the real estate market is experiencing a boom.

Robert Bittinger Jr. is a managing broker at Coldwell Banker Stuart and Watts Real Estate in Lewisburg. He said just in that area alone, property values went up 8-percent.

“The prices have increased. Property values has, as well,” Bittinger said. “So, it’s going to make it a little bit more challenging for folks to continue to purchase because demand is high and supply is low.”

Meaning more people are buying but not as many are selling. However, this doesn’t change the idea that 2021 is a peak year in real estate.

“The peak year was definitely this year, no doubt about it. as a kind of result, in the same amount of sales that I did in 2020,” Bittinger said. “I basically did that business within the first six months of this year so it’s been very busy, yes.”

But why is this happening in our area?

The Greenbrier Valley Board of Realtors said they have seen an increase in sales of 65-percent. That is using data taken from the first nine months of 2020 and 2021.

Bittinger said there are many factors in this equation. People are moving out of big cities and into rural areas, and more people are working from home and wanting more space. One reason for this boom is actually political climate.

“Some of it, believe it or not, was political climate. some folks are actually wanting to move where the political climate matches theirs by state so, that’s actually a reason there,” Bittinger said.

Bittinger said if you are looking to sell your home, you can still expect to get a premium price. He said he has even dealt with people who are getting far more than their asking price. So, if you are thinking of selling your home, now might be the time.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

West Virginia News

More West Virginia News

Virginia News

More Virginia News

Trending Stories