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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 7,976, 3,103 total housing units (homes and apartments), and a median house value of $124,495, house prices in South Boston are solidly below the national average.
Single-family detached homes are the single most common housing type in South Boston, accounting for 69.29% of the town's housing units. Other types of housing that are prevalent in South Boston include large apartment complexes or high rise apartments ( 17.16%), duplexes, homes converted to apartments or other small apartment buildings ( 7.90%), and a few mobile homes or trailers ( 4.07%).
The most prevalent building size and type in South Boston are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 52.29% owning and 47.71% 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. South Boston's housing was primarily built during this period, from the '40s through the '60s. A full 43.12% of the town's housing hails from this era. Other housing ages represented in South Boston include homes built between 1970-1999 ( 33.98%) and housing constructed before 1939 ( 15.98%). There's also some housing in South Boston built between 2000 and later ( 6.92%).
Vacant housing appears to be an issue in South Boston. Fully 18.06% of the housing stock is classified as vacant. Left unchecked, vacant South Boston homes and apartments can be a drag on the real estate market, holding South Boston 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.
South Boston's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in South Boston during the period has been just -0.89%, which is lower than 70% of US communities.
Over the last year, South Boston appreciation rates have trailed the rest of the nation. In the last twelve months, South Boston's appreciation rate has been -2.71%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in South Boston were at -1.60%, which equates to an annual appreciation rate of -6.23%.
Notably, South Boston's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Virginia, our data show that South Boston's latest annual appreciation rate is lower than 90% of the other cities and towns in Virginia.
|$731,001 - $974,000||0.2|
|$487,001 - $731,000||1.5|
|$389,001 - $487,000||0.9|
|$292,001 - $389,000||6.8|
|$195,001 - $292,000||13.2|
|$97,001 - $195,000||35.0|
|$49,001 - $97,000||30.1|
|$0 - $49,000||12.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF South Boston HOMES|
|2000 or Newer||6.9|
|1970 - 1999||34.0|
|1940 - 1969||43.1|
|1939 or Older||16.0|
|TYPE OF South Boston HOMES|
|Small Apt. Buildings||7.9|
|SIZE OF South Boston HOMES|
|5 or more bedrooms||3.75|