Danville, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Danville Neighborhoods Since 2000




Danville, VA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Danville Housing Market Information

With 42,082 people, 18,559 houses or apartments, and a median cost of homes of $87,295, 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 70.20% of the city's housing units. Other types of housing that are prevalent in Danville include large apartment complexes or high rise apartments ( 17.17%), duplexes, homes converted to apartments or other small apartment buildings ( 8.20%), and a few mobile homes or trailers ( 2.89%).

The most prevalent building size and type in Danville are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.94% owning and 48.06% renting.

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 49.04% of the city's housing hails from this era. Other housing ages represented in Danville include homes built between 1970-1999 ( 27.54%) and housing constructed before 1939 ( 17.77%). There's also some housing in Danville built between 2000 and later ( 5.64%).

Vacant housing appears to be an issue in Danville. Fully 17.06% 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 -1.03%, which is lower than 70% of US communities.

Over the last year, Danville appreciation rates have trailed the rest of the nation. In the last twelve months, Danville's appreciation rate has been -2.00%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Danville were at -1.60%, which equates to an annual appreciation rate of -6.23%.

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

Relative to Virginia, our data show that Danville's latest annual appreciation rate is lower than 90% 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:
$87,295

Danville, VA HOME PRICES

Value Range
> $1,006,000 0.4
$755,001 - $1,006,000 0.6
$503,001 - $755,000 0.8
$403,001 - $503,000 0.7
$302,001 - $403,000 2.5
$201,001 - $302,000 5.9
$101,001 - $201,000 25.8
$50,001 - $101,000 40.1
$0 - $50,000 23.2

Very Low for VA
Very Low for Nation

Value Relative to Nation Value Relative to State
85.957459275753 93.3518005540166

Number Of Homes And Apartments:
18,559

Danville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
13.04% 0.71% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$779 / per month

Homeownership Rate

Homeownership
Owners 51.94
Renters 48.06
Vacant 17.06

Housing Market Details

 

Age of Homes

AGE OF Danville HOMES
2000 or Newer 5.6
1970 - 1999 27.5
1940 - 1969 49.0
1939 or Older 17.8

Types of Homes

TYPE OF Danville HOMES
Single-Family 70.2
Townhomes 1.5
Small Apt. Buildings 8.2
Apt. Complexes 17.2
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Danville HOMES
No Bedroom 0.83
1 Bedroom 12.01
2 Bedrooms 35.63
3 Bedrooms 37.09
4 Bedrooms 12.08
5 or more bedrooms 2.36