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 about Scout's Real Estate Data
With 7,863 people, 2,936 houses or apartments, and a median cost of homes of $205,500, 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 72.58% of the town's housing units. Other types of housing that are prevalent in South Boston include duplexes, homes converted to apartments or other small apartment buildings ( 11.25%), large apartment complexes or high rise apartments ( 9.05%), and a few row houses and other attached homes ( 4.38%).
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 48.25% owning and 51.75% 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 44.66% of the town's housing hails from this era. Other housing ages represented in South Boston include homes built between 1970-1999 ( 36.90%) and housing constructed before 1939 ( 16.00%). There's also some housing in South Boston built between 2000 and later ( 2.44%).
Vacant housing appears to be an issue in South Boston. Fully 21.16% 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in South Boston, where house values have increased just 49.39%, which is annualized rate of 4.10%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in South Boston that despite a nationwide downturn in the housing market, South Boston real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Boston appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Boston. South Boston appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.
Importantly, this makes South Boston one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Virginia, our data show that South Boston's latest annual appreciation rate is higher than 70% of the other cities and towns in Virginia.
$205,500
for Virginia
for nation
2,936
$1,277 / per month