Metropolitan Statistical Area (MSA):
Huntington-Ashland, WV-KY-OH is a Metropolitan Statistical Area (MSA) comprising counties including .
The Huntington-Ashland, WV-KY-OH metropolitan statistical area (MSA) is located in the Appalachian region of the United States. The MSA includes seven counties in West Virginia, five counties in Kentucky, and three counties in Ohio. The population of the MSA was over 700,000 as of 2019.
The housing market in the Huntington-Ashland MSA has been affected by many factors over the past few years. The most significant factor has been the decline of the coal industry in the region. This has led to job losses and a decrease in population. As a result, there has been a decrease in demand for housing and an increase in vacant properties.
The vacancy rate for residential properties was 11% as of 2019. This is higher than the national average of 7%. The median home value in the MSA was $103,000 as of 2019. This is lower than the national median home value of $219,700. Home values have declined by 6% since 2018 and are expected to continue to decline in 2020.
The decline in home values has made it difficult for many homeowners to sell their homes or refinance their mortgages. This has led to an increase in foreclosures and short sales. There were 1,098 foreclosure filings and 546 short sales recorded in 2019. This is an increase from 932 foreclosure filings and 483 short sales recorded in 2018.
The current trends indicate that the housing market in Huntington-Ashland will continue to be challenging for buyers and sellers alike over the next few years