Why Invest in Danville Real Estate?
With beautiful parks, excellent schools, and more than 300 sunny days per year, Danville is home to over 44,000 residents. The population growth rate was approximately 0.9% over the past years, which is higher than the national average of 0.7%. The area's real estate market is good both in terms of renting and flipping. The city is safe, quiet, and very walkable, which attracts numerous people. The dining and shopping scenes are various and leisure ops include golfing, hiking, and cycling.
Danville's economy is strong and steady. The main well-established industries in the city are healthcare services, finance & insurance, manufacturing, retail trade, and educational services. These sectors are continuously growing, generate revenue, and create jobs.
Therefore, Danville is a good opportunity for real estate investors looking for a profitable market and appreciation for properties.
Investment Considerations for Danville Real Estate
There are a number of factors to consider, including:
- Job growth - Danville's unemployment rate is 3.9%, which is lower than the US average of 5.2%. The city's job market has increased by 2.6% in 2017 and future job growth over the next decade is predicted at 41.2%. Companies such as Asia Pacific Airlines and Vision Tech Camps are headquartered in Danville and, together with other organizations that have key offices here, accommodate the predicted growth. Local employment is strongly expanding and so is the job market. Real estate investors in Danville have the opportunity to choose from active buyers and tenants who are employed and able to pay the rent.
- Rent prices growth - As more and more people are attracted to move to Danville and the rent demand increases, rent prices are also going up. The month-over-month median rent prices have gone up by 0.7%. Real estate investors looking for enhancing their profits, getting a high ROI, as well as a steady stream of year-round income, can easily benefit from the growing rent prices and increasing rental demand.
- Fast appreciation - Over the recent years, Danville's real estate scene has stayed continuously healthy. In 2017, home values have increased by about 6.5% compared to 2016. This has made the area's real estate market very appealing, taking off in front of growing equity. Hence, real estate investors in Danville can enjoy high returns on their investments.
- Popularity as a living destination - Danville hosts a family-friendly community, top-notch elementary schools (such as Stratford School, The Athenian School, and St. Isidore School) and, thanks to its leisure ops, is an awesome place for outdoor-active people. All of these together with its laid-back, peaceful vibe and enhanced safety attract both tenants and buyers to the city. This is wonderful news for real estate investors looking for easily renting or flipping property.
What are the Best Neighborhoods to Invest in Danville
While the entire Danville city is great for purchasing property, neighborhoods like Greenbrook and Westside are some of the best. Each area is family-oriented and has its own unique atmosphere. Most tenants and buyers will be families with kids, therefore single-family homes are a wise choice for real estate investors.
There are multiple factors working in Danville's real estate market favor. Its economy, together with the plethora of state-of-the-art elementary education options would certainly help drive the city's housing scene. Real estate investors in single-family units can consider Danville as an area that offers multiple opportunities.
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