Let's consider a family moving from another state to Morgantown looking for a 3-bedroom home. This is the time of year when they start crunching numbers to decide whether to rent or buy. I will follow this family to explore the October market.

Starting with rentals, as of October 31, RentCafe reports that the average rent in Morgantown is $1,300.

This is a 4.99% increase from $1,238 a year ago. The increase rate from May was 3.72%, indicating a larger rise.

Breaking it down by bedroom count, the average rent is $891 for a 1-bedroom, $1,216 for a 2-bedroom, and $1,640 for a 3-bedroom.

However, relying on just one number can be misleading. For instance, Apartments.com reported a 3-bedroom rent of $1,685 in April, while Rentometer showed $1,611 in March, highlighting the variability across sites and timeframes.

Why is rent holding steady? An April article from WVU News cited WVU Extension expert Daniel Eades, who explained that students make up the largest tenant group in the city, with over 75% of undergraduates living off-campus.

There are also concerns that landlords set prices based on what students can afford. Competing with students who have family support or loans creates a challenging situation for regular families or seniors.

A 2020 Bowen National Research report indicated that the share of multi-family rentals, excluding student housing, exceeded 98%, with over 65% of tenants spending more than 30% of their income on housing.

According to a June report from the WVU Board of Governors, the projected enrollment for Morgantown campus in Fall 2026 is 22,409, which is 1,123 fewer than the 23,532 expected in Fall 2025.

I couldn't verify if this figure is final. However, since rents have increased in a year when student numbers are projected to decline, it would be premature to assume that rents will soon drop based solely on student enrollment.

Now, let's discuss home sales. As of the time of writing, October sales statistics are not yet available, so I will refer to the most recent public data.

According to data compiled by Stacker from Redfin, the average monthly median sale price in Morgantown from January to June this year is $306,627. This is a 0.4% increase from last year, essentially remaining stable.

A September report based on Zillow indicated that the typical home price in Morgantown is $285,604, reflecting a 3.5% increase over the past year and a 15.2% increase over five years.

The difference in these figures arises from the distinction between the median price of sold homes and the estimated value of all homes. They should not be mixed in calculations.

If your budget is tight, consider the average prices in Westover at $197,069 and Star City at $231,161. School districts and commuting distances should also be factored in.

It's also important not to be swayed by monthly figures. The area had an average of only 112 transactions in the first half of the year, so the median price fluctuated from $318,500 in February to $299,078 in May.

The median price in April 2019 was $218,000. Previously, the benchmark was in the low $200,000s, but now discussions revolve around the $300,000 range.

There are positive signals for buyers as well. The average number of listings in the first half of the year increased by 11.5% to 525, and inventory stands at 4.0 months.

The median time on the market has also lengthened to 84.8 days, which is 9.5 days longer than last year. If a desirable home has been on the market for a while, it might be worth negotiating the price.

The average 30-year fixed mortgage rate from Freddie Mac as of October 29 is 7.24%, down slightly from 7.40% in mid-October.

Let's say this family buys a home priced at $306,627 with a 20% down payment. The down payment would be $61,325, and borrowing at 7.24% for 30 years would result in a monthly principal and interest payment of $1,672.

This is nearly equivalent to the average rent of $1,640 for a 3-bedroom, but property taxes, insurance, and maintenance costs would add to that. This is a simplified calculation, so actual conditions should be confirmed with a lender.

If I were advising, I would recommend renting for families planning to stay for only 2-3 years. For those intending to stay longer, it would be wise to start looking slowly now while inventory is available.

This year, a significant topic in the area has been zoning reform. According to a March report from The Dominion Post, the city is preparing to hire a consultant to overhaul zoning and land development ordinances.

The plan aims to review barriers such as minimum lot sizes and parking requirements to align with the 2023 comprehensive plan to increase density. It was reported that the process would take about a year after the consultant is selected.

A procedure to revive existing uses that have lost their rights due to being vacant for over a year was also brought up in city council discussions. Mayor Danielle Trumble explained that property owners should not be penalized for delays in renovations.

There was also a plan to submit a report by the end of March following a public hearing in January. However, I couldn't verify the outcomes of the agenda, the report results, or the consultant selection, so checking the city council minutes would provide accurate information.

Tenants or rental investors should also be aware of city regulations. Rental properties within city limits must be registered, inspected every three years, and any violations must be corrected within 20 days.

Before signing a lease, you can call Code Enforcement (304-284-7528) to inquire about registration status. If outside city limits, you will need to check the applicable regulations separately.

In summary, rents are holding steady while home sales are taking a breather. It may take more time for zoning reforms to translate into supply. I believe there is no reason to rush in the current market.