South Hill, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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South Hill, VA Real Estate Data


South Hill Housing Market Information

With a population of 4,527, 1,896 total housing units (homes and apartments), and a median house value of $125,811, house prices in South Hill are solidly below the national average.

Single-family detached homes are the single most common housing type in South Hill, accounting for 66.25% of the town's housing units. Other types of housing that are prevalent in South Hill include large apartment complexes or high rise apartments ( 11.87%), mobile homes or trailers ( 9.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.21%).

The most prevalent building size and type in South Hill are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 55.75% owning and 44.25% renting.

There is a lot of housing in South Hill built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in South Hill built between 1940-1969 ( 38.09%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.13%). There's also some housing in South Hill built before 1939 ( 7.58%).

Vacant housing appears to be an issue in South Hill. Fully 20.20% of the housing stock is classified as vacant. Left unchecked, vacant South Hill homes and apartments can be a drag on the real estate market, holding South Hill 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 Hill Home Appreciation Rates

South Hill's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in South Hill during the period has been just -1.86%, which is lower than 80% of US communities.

Appreciation rates are so strong in South Hill that despite a nationwide downturn in the housing market, South Hill real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Hill appreciation rates continue to be some of the highest in America, at 9.74%, which is higher than appreciation rates in 92.49% 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 Hill. South Hill appreciation rates in the latest quarter were at 3.37%, which equates to an annual appreciation rate of 14.19%.

Importantly, this makes South Hill 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 Hill's latest annual appreciation rate is higher than 90% of the other cities and towns in Virginia.

Average Home Values

 

Median Home Value:
$125,811

South Hill, VA HOME PRICES

Value Range
> $995,000 0.0
$746,001 - $995,000 0.0
$497,001 - $746,000 1.1
$398,001 - $497,000 2.8
$298,001 - $398,000 2.8
$199,001 - $298,000 7.6
$100,001 - $199,000 52.2
$50,001 - $100,000 17.7
$0 - $50,000 15.8

Low for VA
Low for Nation

Value Relative to Nation Value Relative to State
61.8656978788234 75.3462603878116

Number Of Homes And Apartments:
1,896

Rent & Ownership

 

Average Market Rent:
$928 / per month

Homeownership Rate

Homeownership
Owners 55.75
Renters 44.25
Vacant 20.20

Housing Market Details

 

Age of Homes

AGE OF South Hill HOMES
2000 or Newer 9.1
1970 - 1999 45.2
1940 - 1969 38.1
1939 or Older 7.6

Types of Homes

TYPE OF South Hill HOMES
Single-Family 66.2
Townhomes 4.6
Small Apt. Buildings 8.2
Apt. Complexes 11.9
Mobile Homes 9.0
Other 0.0

Home Size

SIZE OF South Hill HOMES
No Bedroom 0.00
1 Bedroom 5.05
2 Bedrooms 34.51
3 Bedrooms 47.01
4 Bedrooms 7.41
5 or more bedrooms 6.02

South Hill Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
9.31% 0.52% 1 1
* 10 is highest

Popular Neighborhoods in South Hill

Zip Codes in South Hill, VA