Loading Content...
Danville, IL: Rising Home Values and Shifting Ownership in Dick Van Dyke's Birthplace
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Danville, Illinois, a city in Vermilion County with a population of 34,541 in 2022 and an area of 17.99 square miles, has experienced significant changes in its housing market over the past decade. The city's housing landscape reflects both broader economic trends and local dynamics, particularly in homeownership rates and housing prices. The homeownership rate in Danville has remained relatively stable between 2013 and 2022, ranging from 60% to 63%. In 2013, the rate stood at 63%, gradually decreasing to 60% by 2018 and maintaining that level through 2022. This slight downward trend in homeownership coincided with an overall increase in average home prices. The average home price in Danville rose from $47,091 in 2013 to $63,175 in 2022, representing a 34% increase over this period.
The relationship between federal interest rates and homeownership rates in Danville shows some correlation. From 2013 to 2021, interest rates remained low, ranging from 0.08% to 1.83%, while the homeownership rate remained relatively stable. However, the slight decrease in homeownership from 63% in 2013 to 60% in 2022 occurred despite these low interest rates, suggesting that other local factors may have influenced this trend.
Renter percentages in Danville have shown a corresponding slight increase, moving from 37% in 2013 to 40% in 2022. This trend aligns with the changes in average rent prices. The average rent increased from $667 in 2013 to $705 in 2022, representing a 5.7% rise. Notably, there were fluctuations in rent prices during this period, with peaks of $751 in 2020 and $788 in 2021, before settling back to $705 in 2022. These changes in rent prices and renter percentages occurred against a backdrop of a declining population, which dropped from 37,748 in 2013 to 34,541 in 2022.
The year 2023 saw a continuation of the upward trend in average home prices, reaching $66,418. This trend extended into 2024, with average home prices further increasing to $67,712. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates of the previous decade.
Looking ahead, predictive models suggest that average home prices in Danville may continue to rise moderately over the next five years, potentially reaching around $75,000 by 2029. Average rent prices are also expected to increase, albeit at a slower pace, possibly reaching approximately $750 by 2029. These projections assume a continuation of current economic conditions and local market trends.
In summary, Danville's housing market has shown resilience with a relatively stable homeownership rate despite increasing home prices. The slight shift towards renting, coupled with fluctuating rent prices, reflects the city's changing demographics and economic conditions. The recent sharp increase in interest rates may influence future homeownership trends and housing affordability in the coming years.
