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Danville, Ohio: A Decade of Rising Home Values and Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Danville, located in Ohio, has experienced significant shifts in homeownership rates and housing prices over the past decade. This small community has seen a remarkable increase in homeownership, coupled with fluctuating average home prices and rent costs. The village's demographic landscape has evolved, reflecting broader economic trends and local market dynamics.
The trend in homeownership in Danville has been notably positive. In 2013, the homeownership rate stood at 64%, and by 2022, it had risen dramatically to 85%. This substantial increase of 21 percentage points over nine years indicates a strong preference for homeownership in the community. Concurrently, average home prices have shown an overall upward trend. In 2012, the average home price was $50,549, which increased to $131,236 by 2022, representing a 159% increase over a decade. This correlation suggests that rising home values have not deterred residents from purchasing homes, possibly due to the perception of real estate as a sound investment.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the steady increase in homeownership rates in Danville. Lower interest rates typically make mortgages more affordable, encouraging home buying. The sharp rise in homeownership from 72% in 2019 to 85% in 2022 occurred despite a slight increase in interest rates, suggesting other local factors may have influenced this trend.
As homeownership rates increased, the percentage of renters in Danville decreased correspondingly. In 2013, 36% of residents were renters, which dropped to just 15% by 2022. Interestingly, average rent prices showed a general upward trend during this period, rising from $582 in 2013 to a peak of $673 in 2018, before declining to $608 in 2022. This trend suggests that while fewer residents are renting, those who do are facing higher costs, potentially driving more towards homeownership.
In 2023 and 2024, Danville continued to see growth in average home prices. The average home price reached $143,621 in 2023 and further increased to $149,988 in 2024. This represents a 14.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Danville will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate would put the average home price around $175,000 to $180,000 by 2029. Rent prices, which have shown more volatility, may stabilize or increase slightly, potentially reaching an average of $650 to $700 per month in the same timeframe.
In summary, Danville has experienced a significant shift towards homeownership, with a corresponding decrease in renters. This trend has occurred alongside generally increasing home values and rent prices. The community's resilience in maintaining high homeownership rates, even in the face of rising home prices and interest rates, suggests a strong local housing market and community preference for owning rather than renting.
