Counties / West Virginia / Berkeley County

Berkeley County, WV

FIPS 54003 · population 129,514 · part of Hagerstown, MD

$326k
Zillow home value · 2026-06
The numbers

What this county costs and earns

Everything here joins on the county FIPS code, so each figure comes from the agency that publishes it with no name matching in between.

Zillow home value
$326k
▲ 4.0% year over year
Zillow ZHVI · direct
Median asking rent
$1,731
▲ 2.9% year over year
Zillow ZORI · direct
Gross yield
6.4%
annual rent ÷ price, before costs
derived: rent × 12 ÷ price ✓
HUD 2-bed standard
$1,233
market rent is 1.40x the standard
HUD Fair Market Rent · direct
Independent price check

Do two methods point the same way?

Zillow estimates a current home value. FHFA tracks repeat mortgage transactions. Their growth rates should be read side by side, not averaged.

Both annual signals move in the same direction
FHFA five-year cumulative+56.6%not annualized · through 2025
0%ZILLOW ZHVI2026-06+4.0%FHFA HPI2025+5.7%
Annual changes use different methods and may use different periods. The comparison checks direction and magnitude; it does not create a blended estimate. Zillow county ZHVI pulled 2026-07-26; FHFA annual county HPI pulled 2026-07-28.
Owner-reported value$266k
Surveyed gross rent$1,233
Rent burden 30%+48.0%
Median year built1996
Housing composition

Who occupies the stock—and what it is

ACS 2024 5-year
5.2%vacant
53,819estimated housing units
Occupied tenure24.0% renter
owner 76.0%renter 24.0%
Structure mix80.3% single-family
Single-family 80.3%20+ units 1.4%Mobile home 10.3%Other 8.0%
ACS estimates describe the standing housing stock and occupied tenure. They do not measure current listings, transaction prices or asking rents.

Survey source: Census ACS 5-year — county housing value, tenure and stock · ACS 2024 5-year · pulled 2026-07-30. These values describe different housing universes and are not combined into gross yield.

Annual average covered jobs38,470▲ 0.1% from the prior annual release
Covered establishments3,908annual average reporting locations
Average weekly wage$1,171▲ 5.0% from the prior annual release
Largest private supersectorTrade, transportation, and utilities27.9% of disclosed private covered jobs
Local labor base

Jobs, pay and private-sector concentration

2025
0%COVERED JOBS+0.1%WEEKLY WAGE+5.0%Trade, transportation, and utilities27.9%
Annual QCEW counts cover jobs located at reporting establishments. The industry share uses disclosed private covered employment; it is not a resident-employment measure or a forecast.

Workplace source: BLS QCEW — county employment and wages · annual county employment and wages 2025 vs 2024 · pulled 2026-07-31. QCEW counts covered jobs located in the county, not employed residents or the metro score’s CES/LAUS series.

County brief

What the local evidence says

01Decision frame

Berkeley County’s tension is a reported 6.37% gross yield before costs versus carrying costs and inland-flood exposure that can overturn a county screen. It warrants parcel-level investigation by long-term rental buyers; buyers relying on low headline costs or broad appreciation should be cautious. In Zillow’s 2026-06 county observation, median home value was $325,983 and median asking rent was $1,731 monthly.

02Housing economics

At that Zillow observation, home value rose 4% year over year while market asking rent rose 2.88%, a spread that does not establish future income. FHFA’s annual HPI rose 5.74%; it is a repeat-transaction appreciation index, not a dollar home value. Its annual observation differs in period and method from Zillow’s county observation, so the rates cannot be blended. The 0.53% effective property-tax rate requires asset-specific bill verification. HUD FMR is a payment standard, not market asking rent, and cannot replace published market rent in yield underwriting.

03Demand & competition

Realtor.com’s MLS listing-market evidence shows active listings down 14.54% year over year; median days on market were 41, and 10.17% of listings had a price reduction. Lower visible supply therefore coexists with longer marketing time and seller concessions; listing indicators are neither closed-sale prices nor proof of buyer demand. Tax-return migration was net positive by 1,265 households, with higher average income among inbound than outbound movers, but this does not establish tenant formation. Nonoccupant purchase mortgages represented 10.24% of the reported 2,774 purchases, signaling some buyer competition rather than a complete measure of purchaser behavior.

04Risk & next checks

Inland flood is dominant, and modeled climate loss equals 0.13% of building value per year; this county model is not a parcel-level loss quote, so it should be tested against flood zone, elevation, claims, insurance and mitigation. QCEW annual covered workplace employment rose 0.11%, with Trade, transportation, and utilities the largest disclosed private supersector; this is not resident employment, unemployment, or a forecast. The record does not publish vacancy, turnover, operating expenses, insurance quotes, debt terms, unit-specific rent, closed-sale prices, or parcel hazard data. Those gaps prevent NOI, debt-coverage, cap-rate, and asset-level flood conclusions.

Cities & communities

Where people live within Berkeley County

Census-recognized incorporated places and CDPs that intersect this county. The list does not pretend to include every neighborhood or informal community.

Population scale

Largest Census places

ACS 2024 5-year
Martinsburg city18.9KInwood CDP2.8KFalling Waters CDP2.2KHedgesville town379
Bars use total place population, not a county-share estimate. An asterisk marks a place that crosses a county line.
Official directory

4 Census places

Population
  1. 01
    Martinsburg cityIncorporated place
    18,904
  2. 02
    Inwood CDPCensus-designated place
    2,794
  3. 03
    Falling Waters CDPCensus-designated place
    2,183
  4. 04
    Hedgesville townIncorporated place
    379

Population is the total place-wide ACS estimate, not an allocated county share. A place crossing a county line is labelled explicitly. Source: Census ACS 5-year — cities and communities · ACS 2024 5-year · pulled 2026-07-30.

Risk, demand and competition

The three things a price does not tell you

01
Risk & carrying costFEMA NRI + Census ACS
Dominant hazardinland flooding

0.131% of building value expected lost per year

Effective property tax0.53%

$1,398 median annual bill

02
DemandIRS SOI household flows
Net migration+1,265

4,464 in · 3,199 out

Arriving vs leaving income+$4,208

$60,259 arriving · $56,051 leaving

03
CompetitionHMDA financed purchases
Purchases by investors10.2%

284 of 2,774 mortgages

investorother financed
Current listing pressure

What sellers and visible supply are doing

Realtor.com® Economic Research · county inventory 2026-06 · pulled 2026-07-28
Active listings341▼ 14.5% year over year
Median days on market41▲ 29.9% year over year
Listings price-reduced10.2%seller-concession signal
Median listing pricen/a▲ 3.3% year over year

Listing price is an asking price, not a closed sale. Quality-flagged county rows are withheld instead of displayed.

Same metro

The other counties in Hagerstown, MD

A metro is an average of these. Which side of a county line a property sits on can change the tax bill, the hazard profile and the tenant pool.

CountyPopulationPriceRentYieldHazard
Berkeley County129,514$326k$1,7316.4%inland flooding
Washington County155,709$335k$1,4445.2%inland flooding
Morgan County17,426$313kn/an/ainland flooding
Bear case

What can break the county thesis

  1. Parcel-level flood exposure, insurance costs, or mitigation needs may exceed the county climate model.
  2. Unpublished vacancy, operating costs, and financing terms may reduce NOI or debt coverage.
  3. Longer MLS marketing time and price reductions may indicate weaker liquidity than inventory decline suggests.
Underwriting questions

Before pricing a property

What published rent and gross yield does the record show?

Median asking rent is $1,731 per month, and the supplied gross yield is 6.37% before costs.

Can HUD FMR be used as the county’s market asking rent?

No. The record identifies HUD FMR as a payment standard, not an estimate of market asking rent.

What is the dominant climate hazard in the record?

Inland flood is the dominant hazard, with modeled annual climate loss equal to 0.13% of building value.