In the past, it was often said that while the entire state of West Virginia was experiencing population decline, Morgantown was an exception, and that trend remains largely unchanged today. The estimated population of Morgantown in 2026 is 30,359, growing at about 0.22% annually. Compared to the state's overall growth rate of just 0.3%, this still represents a notable increase at the city level. West Virginia University has long been a driving force attracting students to this city.

One recent noticeable change is the speed at which properties are selling. As of March 2026, inventory has built up to 7.6 months, and the average time to sell a home has increased to around 115 days. With the conventional benchmark being that a market is considered favorable to buyers when the time exceeds 70 days, Morgantown is definitely leaning towards a buyer's market right now. In the past, properties would quickly sell out due to demand from student families and staff, but now buyers have much more room to negotiate.

Prices themselves are still gradually rising. According to Zillow, the average home value is $272,226, which is a 2.7% increase from a year ago, while Redfin reports that the median price in March 2026 is $240,000, up 4.1%. However, for those who witnessed the closure of Mylan's production facility in Morgantown, which resulted in the loss of over 1,400 jobs, the current gradual increase feels like a fortunate trend. Employment is now slowly shifting towards healthcare, education, and professional services, filling that gap.

Interestingly, even amidst this buyer's market trend, a nationwide lock-in effect is similarly felt in Morgantown. Homeowners who purchased their homes in 2020 and 2021 at low interest rates are hesitant to refinance at the current rates in the 6% range, but due to the high turnover of the student population, rental properties are still relatively consistently available. As of July 2026, the average rate for a 30-year fixed mortgage is around 6.6%, based on Freddie Mac PMMS data. Areas near the WVU campus have steady demand for student rentals, leading many investors to consider small condos or townhouses for rental purposes. However, since vacancies can easily occur on a semester basis, it's important to account for vacancy periods when calculating cash flow, and rental regulations can vary by county, so it's necessary to verify before signing a lease. Quiet residential areas away from campus are known to have a lower vacancy risk due to higher demand from families rather than students.

The average rent is $1,279, which has risen by 3.72% over the past year. Compared to the previously mentioned median sale price, this rent calculates to about 0.53% of the purchase price, which falls short of the commonly referenced 1% rule, but due to the low purchase prices, the area still attracts interest from investors. However, after deducting property taxes, management fees, and vacancy periods from net operating income, actual cash flow can be thinner than expected, so it's wise to consider both cap rates and cash-on-cash returns.

For families relocating from other states for jobs related to universities or hospitals, Morgantown's property tax burden is likely lighter than their previous residence. However, since assessment methods vary by county, it's advisable to check based on Monongalia County rather than estimating based on the previous state. The school district is divided between areas with a high proportion of student families due to the university and quieter residential areas, so if prioritizing schools for children, it's best to verify the assigned school for the address along with GreatSchools ratings before signing a lease.

From the perspective of someone who has observed this city for a long time, Morgantown currently presents a rare opportunity for buyers. However, it seems prudent to take the time to compare the increased inventory before making a decision. This article is not investment or legal advice, and consulting a professional before any actual contracts is recommended.