What is My Home Worth in Huntington, WV

If you’ve owned a home in Huntington, WV for a considerable amount of time, you might be curious about its current worth. The value of a house is dynamic and can fluctuate over time due to various factors. In this blog post, we’ll explore three methods to help you determine your home’s value and shed light on the factors that can influence it.

**1. Zillow’s Zestimate: A Good Starting Point**

Whether you love or hate it, Zillow is a major player in the real estate world. It’s often the first place consumers go to explore homes for sale and gather housing-related information. Zillow offers an automated feature called a Zestimate, which calculates a rough estimate of your home’s value based on data analysis. Simply enter your address on their website to get an idea of the potential price range.

While Zillow’s Zestimate can be a useful starting point, remember that it’s just an estimate. Zillow may not have accurate property information, and it doesn’t consider factors like upgrades, renovations, or local socio-economic trends. It’s a handy tool for a quick curiosity check, but for a more accurate valuation, consider the next option.

**2. Consult Your Local Real Estate Agent for a Comparative Market Analysis (CMA)**

For a more precise estimate of your home’s value, reach out to your trusted local real estate agent. They have a deep understanding of your community and can provide a Comparative Market Analysis (CMA) for your property. This involves finding similar properties in your area, analyzing their sale prices, and making adjustments based on the unique features of your home.

Your real estate agent may need to verify data about your house if it’s not publicly available or if it’s inaccurate. Make sure to inform them of any major remodels, expansions, or upgrades, such as HVAC improvements, roof replacements, or the addition of a screened-in porch or an inground pool. In the end, they will give you a fair market value range for your home.

**3. Consider a Professional Appraisal**

While a CMA provides a solid estimate, a professional appraisal offers a concrete valuation. Appraisers undergo specific training to provide their expert opinion on a property’s true value. However, appraisals are typically ordered by banks to determine the loan amount they can provide to buyers, so they can be costly. It’s not typically recommended to get an appraisal if you’re planning to sell your property.

**Factors Influencing Your Home’s Value**

Now that we’ve explored ways to determine your home’s worth, let’s briefly discuss factors that can influence its value:

**1. Real Estate Market Conditions:** The state of the real estate market can cause fluctuations in home values. Supply and demand play a significant role. High demand and low supply tend to drive prices up, while low demand and high supply can lead to price decreases. Currently, low inventory levels are affecting the market, even with higher interest rates.

**2. Seasonal Variations:** The change of seasons can impact the real estate market. Colder months often see a slowdown in home sales due to factors like children returning to school and inclement weather. Springtime usually brings increased activity in the market.

**Huntington’s Home Price Trends**

As of August 2023, the median value of a home in Huntington stands at $158,000, according to automated estimations. This marks a significant increase from approximately $130,000 in September 2020. By examining the chart, you can compare price growth rates between Huntington, the entire state of West Virginia, and the national median home value.