Danville, Illinois Real Estate & Housing Market

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Danville Housing Information

Index	Danville	Illinois	National
Median home price	$65,600	$174,800	$184,700
Median rent asked	$681	$925	$949
Avg. people per household	2.4	2.6	2.6
Owner occupied households	57.0%	66.0%	63.6%
Renter occupied households	43.0%	34.0%	36.4%

A general summary of the real estate market in Danville, IL is listed above. Properties in Danville, IL average a cost of $65,600, which is 62% lower than the median home price for real estate located in Illinois. This means that the region of Danville, IL is, on average, more affordable when compared to the remainder of Illinois. Since tenants living in Danville, IL will pay an average of $681, the median rental cost is 26% lower than in Illinois. 57.0% of people in Danville, IL own their own homes, and an average of 2.4 people inhabit each property. Danville, IL has many assorted real estate listings available. These range from urban townhouses to inexpensive condos to luxurious residences. We make finding homes for sale and browsing real estate listings effortless. Simply use the search function above, and obtain filtered results according to price, location, bathrooms and bedrooms.

Danville Home Affordability

When starting your search for real estate in Danville, IL, it is crucial to consider home affordability. When calculating home affordability, the ratio of home price to median household income is one of the methods that is applicable in doing so. On average, a home in Danville, IL costs $65,600 while each household has an average income of $35,446. Consequently, the ratio of home price to household income is 1.9x; this ratio is 37% lower than the average in Illinois. Calculating the home affordability ratio involves dividing the average price of a home by the average income of homes in Danville, IL. When the ratio of home price to income is relatively low, the implication is that homes are more affordable on the basis of the home price in comparison with the home income. Note that besides home price to median household income ratio, there are various other factors to put into consideration when determining if home affordability exists. Check the home affordability calculator shown below to calculate how much you can afford to pay for real estate in Danville, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Indianola, IL	318	$50,600	73%
State Line City, IN	163	$57,100	69%
Henning, IL	243	$57,500	69%
Alvan, IL	308	$60,700	67%
Georgetown, IL	3,386	$60,900	67%
Danville, IL	32,030	$65,600	64%

Cities with similar population

City, State	Population	Home Price	National Avg.
Gillette, WY	32,033	$207,600	12%
Mason, OH	32,025	$230,100	25%
East Lake, FL	32,046	$289,600	57%
Petersburg, VA	31,997	$111,300	40%
La Verne, CA	32,078	$500,300	171%
Danville, IL	32,030	$65,600	64%

Source: The Danville, IL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).