24831, Elkhorn, WV

The 24831 zip code of Elkhorn, WV is located in the Eastern Panhandle region of West Virginia. The zip code has a population of just over 5,000 people and an average household income of just over $50,000. Home prices in the 24831 zip code have been increasing steadily for the past few years, reaching a peak in 2017 before beginning to decline in 2018. As of July 2019, the median home price in the 24831 zip code is $142,500.

Home equity is one of the most important assets that homeowners can have. Home equity allows homeowners to borrow money against their home's value and use that money to pay off other debts or invest in other assets. Home prices are also an important factor when deciding whether or not to buy a home. When home prices are rising rapidly, it becomes more difficult for people to afford homes on their own incomes. When home prices are declining, it becomes more difficult for people to sell their homes and take advantage of falling prices.

The 24831 zip code has seen significant growth in its home equity market over the past few years. Between 2013 and 2017, the median value of homes with a mortgage in the 24831 zip code increased by almost 60%. This growth was largely due to rapid increases in house values throughout much of West Virginia during this time period; however, there was also significant growth within the 24831 zip code itself. Between 2013 and 2017, house values within the 24831 zip code increased by an average of 36%. This indicates that even though house values across West Virginia as a whole were increasing rapidly during this time period, individual neighborhoods were seeing even faster growth rates.

Since 2017, however, there has been a marked slowdown in home equity growth within the24831 zip code. In 2018 alone (the latest year for which data is available), median home equity grew by only 2%. This slowdown appears to be continuing into 2019; as of July 2019 median home equity was only $5 higher than it was at this same point last year ($142K vs $141K). It seems likely that this slowdown will continue into 2020 as well; although there has been no definitive data released yet for that year (the latest year for which data is available). If this trend continues then it would suggest that overall housing market conditions within West Virginia may be weakening somewhat relative to earlier periods (although this cannot be confirmed yet).