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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, VA 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, VA Housing Market Trends

With a population of 42,229, 18,755 total housing units (homes and apartments), and a median house value of $128,369, house prices in Danville are some of the most affordable in Virginia as well as the nation.

Single-family detached homes are the single most common housing type in Danville, accounting for 67.84% of the city's housing units. Other types of housing that are prevalent in Danville include large apartment complexes or high rise apartments ( 18.88%), duplexes, homes converted to apartments or other small apartment buildings ( 7.68%), and a few mobile homes or trailers ( 3.90%).

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.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Danville's housing was primarily built during this period, from the '40s through the '60s. A full 47.40% of the city's housing hails from this era. Other housing ages represented in Danville include homes built between 1970-1999 ( 31.57%) and housing constructed before 1939 ( 16.90%). There's also some housing in Danville built between 2000 and later ( 4.12%).

Vacant housing appears to be an issue in Danville. Fully 15.86% 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

Danville's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Danville during the period has been just 4.27%, which is lower than 80% of US communities.

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 7.71%, which is higher than appreciation rates in 80.90% 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 2.42%, which equates to an annual appreciation rate of 10.04%.

Importantly, this makes Danville one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Virginia, our data show that Danville's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.

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

$128,369

Danville, VA Home Prices
> $1,306,000
$979,001 - $1,306,000
$653,001 - $979,000
$522,001 - $653,000
$392,001 - $522,000
$261,001 - $392,000
$131,001 - $261,000
$66,001 - $131,000
$0 - $66,000
0.4%
0.4%
1.2%
1.2%
1.6%
1.6%
1.0%
1.0%
3.1%
3.1%
8.1%
8.1%
29.4%
29.4%
33.0%
33.0%
22.1%
22.1%
0% 100.0%
% of Homes
Very Low

for Virginia

Very Low

for nation

Number of Homes And Apartments:

18,755

Danville Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,315 / per month

Homeownership Rate

Owners
Renters
47.6%
47.6%
52.4%
52.4%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
15.9%
15.9%
84.1%
84.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.1%
4.1%
31.6%
31.6%
47.4%
47.4%
16.9%
16.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.8%
67.8%
1.7%
1.7%
7.7%
7.7%
18.9%
18.9%
3.9%
3.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.8%
1.8%
12.4%
12.4%
38.1%
38.1%
33.3%
33.3%
11.0%
11.0%
3.4%
3.4%
0% 100.0%
% of Homes