Morgantown WV is undoubtedly an exceptional portion of the country. Despite the fact that a good number of cities in the United States have seen their economy and real estate markets decrease into a giant mess, Morgantown and Monongalia County are not just doing ok, they really are beginning to grow significantly.
There was certainly a fall here in Morgantown real estate, however, it was in no way as poor as others have experienced and continue to cope with every day. From 2007 to 2008 saw the highest decline in single family homes and townhouses sold in Morgantown with a 13% decline. Between 2008 and 2009, certainly the center of the great recession, Morgantown noticed just a 6% reduction. From 2009 to 2010 as other cities Real Estate markets were definitely in the midst of a great depression, Morgantown residential home sales in effect grew 8.6%, and the dollar volume of sales rose almost 14%! Those are surely staggering statistics when we think about precisely how devastated such a large number of places throughout the United States have been over the same time frame.
Of course numbers such as those make anyone with good sense ask the following: Why exactly is Morgantown real estate and its economic climate doing so well in comparison with everywhere else? There is absolutely no definitive reason but rather an accumulation of things that have made this location grow while others collapse. Morgantown is home to West Virginia University. It really is really the pillar for the area in many ways including economically and with Real Estate. Often there is a constant flow of educators and support staff that come and go around the College. Naturally those people have got to live somewhere. No matter if they only stay in Morgantown for three or four years, they bring in enough money to ensure that it is worth their while to buy real estate.
Besides WVU there are also a variety of other sources of economic stability in Morgantown. A myriad of government institutions are based here, not to mention a well established medical industry including a major pharmaceutical company. Outside of that the oil, coal and gas companies are unquestionably flourishing here in Northern West Virginia. All of these components combined have made the Morgantown region a truly insulated economy and helped its real estate market enjoy a gentle downfall. With projections for many other organizations to come into the region, the future is definitely bright for Morgantown real estate.
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