Charleston VA Loans
CHARLESTON, WV
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Charleston's 52 lenders originated 451 VA loans during 2021. The total origination value was $84,985,000, with an average VA loan value of $188,437.
Charleston VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Charleston
averaged
5.49%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.82% and
one month ago for the week of 2022-04-08, the
average rate was 5.04%.
The average rate one year ago was 3.25%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.32%.
Charleston VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Charleston level.
The top Charleston VA lender as defined by loan originations is Mortgage Research Center, LLC, with
78 VA loans originated. Their average total fees are
$5,206, which is $848
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Charleston VA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION ($1,718), NAVY FEDERAL CREDIT UNION ($3,393), PRIMELENDING, A PLAINSCAPITAL COMPANY ($3,612), MOVEMENT MORTGAGE, LLC ($3,885) and USAA Federal Savings Bank ($3,988).
The lowest rate Charleston VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (2.35%), NAVY FEDERAL CREDIT UNION (2.48%), QUICKEN LOANS, LLC (2.54%), FREEDOM MORTGAGE CORPORATION (2.57%) and Victorian Finance, LLC (2.75%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $138,000 (-1.4%) | $214,840 (1.2%) | 0.51 | 1,066 |
2018-02-01 | $139,450 (-0.3%) | $217,244 (-0.8%) | 0.50 | 1,057 |
2018-03-01 | $140,000 (0.1%) | $222,654 (0.9%) | 0.48 | 1,049 |
2018-04-01 | $148,461 (3.1%) | $230,494 (1.3%) | 0.50 | 1,087 |
2018-05-01 | $145,250 (2.7%) | $227,299 (0.7%) | 0.48 | 1,133 |
2018-06-01 | $147,000 (1.0%) | $227,796 (1.5%) | 0.49 | 1,176 |
2018-07-01 | $148,969 (-0.6%) | $229,690 (2.4%) | 0.50 | 1,217 |
2018-08-01 | $149,000 (-0.6%) | $230,761 (3.3%) | 0.50 | 1,239 |
2018-09-01 | $148,500 (-0.9%) | $232,995 (4.9%) | 0.50 | 1,262 |
2018-10-01 | $148,500 (-0.6%) | $236,375 (7.9%) | 0.50 | 1,201 |
2018-11-01 | $148,750 (2.6%) | $240,566 (11.0%) | 0.50 | 1,158 |
2018-12-01 | $145,000 (0.0%) | $237,877 (9.0%) | 0.50 | 1,099 |
2019-01-01 | $149,200 (8.1%) | $238,489 (11.0%) | 0.51 | 1,027 |
2019-02-01 | $149,900 (7.5%) | $243,142 (11.9%) | 0.50 | 1,025 |
2019-03-01 | $149,943 (7.1%) | $242,977 (9.1%) | 0.49 | 1,025 |
2019-04-01 | $149,993 (1.0%) | $243,023 (5.4%) | 0.47 | 1,014 |
2019-05-01 | $149,950 (3.2%) | $246,308 (8.4%) | 0.46 | 1,056 |
2019-06-01 | $150,000 (2.0%) | $246,659 (8.3%) | 0.46 | 1,114 |
2019-07-01 | $149,450 (0.3%) | $234,762 (2.2%) | 0.46 | 1,153 |
2019-08-01 | $149,100 (0.1%) | $226,957 (-1.7%) | 0.47 | 1,159 |
2019-09-01 | $149,800 (0.9%) | $225,472 (-3.2%) | 0.48 | 1,145 |
2019-10-01 | $149,900 (0.9%) | $228,586 (-3.3%) | 0.48 | 1,112 |
2019-11-01 | $149,900 (0.8%) | $226,347 (-5.9%) | 0.48 | 1,075 |
2019-12-01 | $149,000 (2.8%) | $232,816 (-2.1%) | 0.50 | 1,029 |
2020-01-01 | $146,950 (-1.5%) | $238,046 (-0.2%) | 0.49 | 971 |
2020-02-01 | $147,500 (-1.6%) | $238,144 (-2.1%) | 0.48 | 931 |
2020-03-01 | $149,950 (0.0%) | $243,833 (0.4%) | 0.47 | 897 |
2020-04-01 | $156,250 (4.2%) | $247,189 (1.7%) | 0.49 | 841 |
2020-05-01 | $162,000 (8.0%) | $262,168 (6.4%) | 0.49 | 754 |
2020-06-01 | $161,200 (7.5%) | $261,856 (6.2%) | 0.47 | 741 |
2020-07-01 | $159,900 (7.0%) | $265,733 (13.2%) | 0.46 | 726 |
2020-08-01 | $160,695 (7.8%) | $274,329 (20.9%) | 0.46 | 693 |
2020-09-01 | $160,298 (7.0%) | $273,446 (21.3%) | 0.46 | 674 |
2020-10-01 | $160,725 (7.2%) | $273,093 (19.5%) | 0.46 | 667 |
2020-11-01 | $157,900 (5.3%) | $262,711 (16.1%) | 0.45 | 530 |
2020-12-01 | $149,900 (0.6%) | $246,535 (5.9%) | 0.44 | 497 |
2021-01-01 | $145,000 (-1.3%) | $241,026 (1.3%) | 0.43 | 451 |
2021-02-01 | $139,000 (-5.8%) | $235,161 (-1.3%) | 0.40 | 410 |
2021-03-01 | $137,000 (-8.6%) | $236,644 (-3.0%) | 0.38 | 368 |
2021-04-01 | $137,000 (-12.3%) | $260,460 (5.4%) | 0.37 | 317 |
2021-05-01 | $139,900 (-13.6%) | $262,616 (0.2%) | 0.37 | 332 |
2021-06-01 | $140,000 (-13.2%) | $233,526 (-10.8%) | 0.36 | 341 |
2021-07-01 | $146,000 (-8.7%) | $222,194 (-16.4%) | 0.38 | 341 |
2021-08-01 | $139,900 (-12.9%) | $209,952 (-23.5%) | 0.37 | 370 |
2021-09-01 | $147,000 (-8.3%) | $206,401 (-24.5%) | 0.39 | 392 |
2021-10-01 | $144,000 (-10.4%) | $201,384 (-26.3%) | 0.38 | 439 |
2021-11-01 | $143,950 (-8.8%) | $206,520 (-21.4%) | 0.38 | 399 |
2021-12-01 | $149,500 (-0.3%) | $203,201 (-17.6%) | 0.40 | 382 |
2022-01-01 | $142,900 (-1.5%) | $203,384 (-15.6%) | 0.38 | 339 |
2022-02-01 | $148,900 (7.1%) | $229,279 (-2.5%) | 0.38 | 300 |
2022-03-01 | $142,500 (4.0%) | $235,446 (-0.5%) | 0.35 | 262 |
2022-04-01 | $144,000 (5.1%) | $236,681 (-9.1%) | 0.34 | 253 |
Charleston's median listing price comes in at 34% of the national average.
Charleston's average listing price for 2022-04-01 was $236,681, a difference of $-23,779 (-9.1%) versus the prior year and $1,235 versus the prior month.
For the 2022-04-01 period, Charleston had 253 MLS listings, a difference of -9 listings (-3%) versus the prior month and -64 listings (-20%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 105 days | 1,814 sqft |
2018-02-01 | 107 days | 1,827 sqft |
2018-03-01 | 101 days | 1,848 sqft |
2018-04-01 | 80 days | 1,888 sqft |
2018-05-01 | 75 days | 1,854 sqft |
2018-06-01 | 78 days | 1,870 sqft |
2018-07-01 | 84 days | 1,870 sqft |
2018-08-01 | 89 days | 1,900 sqft |
2018-09-01 | 92 days | 1,854 sqft |
2018-10-01 | 93 days | 1,862 sqft |
2018-11-01 | 97 days | 1,888 sqft |
2018-12-01 | 102 days | 1,845 sqft |
2019-01-01 | 108 days | 1,839 sqft |
2019-02-01 | 107 days | 1,893 sqft |
2019-03-01 | 100 days | 1,895 sqft |
2019-04-01 | 86 days | 1,889 sqft |
2019-05-01 | 79 days | 1,851 sqft |
2019-06-01 | 77 days | 1,863 sqft |
2019-07-01 | 79 days | 1,867 sqft |
2019-08-01 | 84 days | 1,853 sqft |
2019-09-01 | 90 days | 1,849 sqft |
2019-10-01 | 92 days | 1,862 sqft |
2019-11-01 | 93 days | 1,855 sqft |
2019-12-01 | 99 days | 1,850 sqft |
2020-01-01 | 107 days | 1,842 sqft |
2020-02-01 | 105 days | 1,828 sqft |
2020-03-01 | 95 days | 1,892 sqft |
2020-04-01 | 87 days | 1,912 sqft |
2020-05-01 | 94 days | 1,930 sqft |
2020-06-01 | 102 days | 1,924 sqft |
2020-07-01 | 93 days | 1,902 sqft |
2020-08-01 | 81 days | 1,906 sqft |
2020-09-01 | 80 days | 1,891 sqft |
2020-10-01 | 80 days | 1,868 sqft |
2020-11-01 | 78 days | 1,810 sqft |
2020-12-01 | 79 days | 1,792 sqft |
2021-01-01 | 86 days | 1,810 sqft |
2021-02-01 | 81 days | 1,740 sqft |
2021-03-01 | 69 days | 1,717 sqft |
2021-04-01 | 70 days | 1,652 sqft |
2021-05-01 | 51 days | 1,690 sqft |
2021-06-01 | 52 days | 1,644 sqft |
2021-07-01 | 56 days | 1,687 sqft |
2021-08-01 | 51 days | 1,674 sqft |
2021-09-01 | 50 days | 1,699 sqft |
2021-10-01 | 49 days | 1,668 sqft |
2021-11-01 | 58 days | 1,654 sqft |
2021-12-01 | 64 days | 1,666 sqft |
2022-01-01 | 73 days | 1,650 sqft |
2022-02-01 | 81 days | 1,715 sqft |
2022-03-01 | 71 days | 1,719 sqft |
2022-04-01 | 55 days | 1,664 sqft |
Charleston's median square footage for active listings during the 2022-04-01 period was 1,664 sqft. One year prior, the average listing was 1,652 sqft.