South Boston, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating South Boston Neighborhoods Since 2000




South Boston, 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

South Boston Housing Market Information

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 Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$124,495

South Boston, VA HOME PRICES

Value Range
> $974,000 0.1
$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

Low for VA
Low for Nation

Value Relative to Nation Value Relative to State
62.82081331302 75.0692520775623

Number Of Homes And Apartments:
3,103

South Boston 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
30.26% 1.54% 1 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$774 / per month

Homeownership Rate

Homeownership
Owners 52.29
Renters 47.71
Vacant 18.06

Housing Market Details

 

Age of Homes

AGE OF South Boston HOMES
2000 or Newer 6.9
1970 - 1999 34.0
1940 - 1969 43.1
1939 or Older 16.0

Types of Homes

TYPE OF South Boston HOMES
Single-Family 69.3
Townhomes 1.6
Small Apt. Buildings 7.9
Apt. Complexes 17.2
Mobile Homes 4.1
Other 0.0

Home Size

SIZE OF South Boston HOMES
No Bedroom 1.24
1 Bedroom 11.25
2 Bedrooms 28.60
3 Bedrooms 47.50
4 Bedrooms 7.66
5 or more bedrooms 3.75

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Zip Codes in South Boston, VA