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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Danville, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Danville, IL Housing Market Trends

With 28,472 people, 11,536 houses or apartments, and a median cost of homes of $104,173, house prices in Danville are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in Danville, accounting for 71.99% of the city's housing units. Other types of housing that are prevalent in Danville include large apartment complexes or high rise apartments ( 18.60%), duplexes, homes converted to apartments or other small apartment buildings ( 6.41%), and a few row houses and other attached homes ( 1.70%).

People in Danville primarily live in small (one, two or no bedroom) single-family detached homes. Danville has a mixture of owner-occupied and renter-occupied housing.

The housing in Danville was primarily built before 1939 ( 43.40%), making the housing stock in Danville some of the oldest overall in America, although there is a range of ages of homes in Danville. The next most important housing age is between 1940-1969 ( 30.47%), followed by between 1970-1999 ( 22.36%). There's also some housing in Danville built between 2000 and later ( 3.78%).

Vacant housing appears to be an issue in Danville. Fully 17.05% of the housing stock is classified as vacant. Left unchecked, vacant Danville homes and apartments can be a drag on the real estate market, holding Danville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Danville Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Danville, where house values have increased just 35.49%, which is annualized rate of 3.08%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Danville that despite a nationwide downturn in the housing market, Danville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Danville appreciation rates continue to be some of the highest in America, at 8.95%, which is higher than appreciation rates in 91.31% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Danville. Danville appreciation rates in the latest quarter were at -2.71%, which equates to an annual appreciation rate of -10.39%.

Notably, Danville's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Danville's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Danville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Danville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Danville real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$104,173

Danville, IL Home Prices
> $1,219,000
$914,001 - $1,219,000
$610,001 - $914,000
$487,001 - $610,000
$366,001 - $487,000
$244,001 - $366,000
$122,001 - $244,000
$61,001 - $122,000
$0 - $61,000
0.3%
0.3%
0.0%
0.0%
0.1%
0.1%
1.9%
1.9%
0.8%
0.8%
7.6%
7.6%
21.2%
21.2%
35.5%
35.5%
32.6%
32.6%
0% 100.0%
% of Homes
Very Low

for Illinois

Very Low

for nation

Number of Homes And Apartments:

11,536

Danville Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,144 / per month

Homeownership Rate

Owners
Renters
51.8%
51.8%
48.2%
48.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
17.0%
17.0%
83.0%
83.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.8%
3.8%
22.4%
22.4%
30.5%
30.5%
43.4%
43.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.0%
72.0%
1.7%
1.7%
6.4%
6.4%
18.6%
18.6%
1.2%
1.2%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.9%
0.9%
15.9%
15.9%
32.5%
32.5%
34.2%
34.2%
12.9%
12.9%
3.6%
3.6%
0% 100.0%
% of Homes