Homes In Morgantown. While Numerous Areas Are Troubled, Housing Prices And Sales Keep On Climbing In Morgantown

By Erina Array

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Morgantown WV is a unique area of the country. Despite the fact that a good number of areas in the United States have seen their economic conditions and real estate markets drop in to a big mess, Morgantown and Monongalia County are not only doing fine, they really are beginning to improve significantly.

There was undoubtedly a drop here in Morgantown real estate, but, it was nowhere near as bad as others have seen and continue to contend with every day. From 2007 to 2008 saw the biggest decline in single family homes and townhouses purchased in Morgantown with a 13% decline. In between 2008 and 2009, arguably the heart of the great recession, Morgantown saw just a 6% reduction. From 2009 to 2010 while other metropolitan areas Real Estate markets ended up in the middle of a major depression, Morgantown home sales actually rose 8.6%, and the dollar volume of sales grew almost 14%! These are certainly surprising statistics when we take into consideration how devastated so many regions throughout the United States have been over the identical period of time.

Of course statistics such as those make anybody with common sense ask the following: Why is Morgantown real estate and its economy doing so well in comparison with everywhere else? While there is no definitive reason but actually an accumulation of things that are making this area thrive while others crumble. Morgantown is home to West Virginia University. It can be indeed the mainstay for the area in many ways which include economically and with Real Estate. Almost always there is an ongoing flow of teachers and support staff that come and go within the University. Naturally those individuals must live someplace. Regardless if they simply stay in Morgantown for 3 or 4 years, they earn enough income to allow it to be worth their while to invest in a house.

Besides WVU you will find several other sources of economic strength in Morgantown. Numerous government entities are based here, as well as a well established medical industry which includes a major drug manufacturing company. Outside of that the oil, coal and energy industries are absolutely booming here in Northern West Virginia. All of these points combined have made the Morgantown area a truly insulated economy and helped its real estate market take pleasure in a gentle downfall. With predictions for numerous other businesses to enter the region, the future is definitely bright for Morgantown real estate.

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