Housing and Development
Due to the 3,900 new jobs on the immediate horizon, the City of Danville worked with DANTER/Economic Development Strategies, LLC to update the City's housing study. The resulting 2022 Housing Strategy report shows that there is an urgent need for all types of housing developments in the City, as well as updates and infill to boost existing neighborhoods and houses.
Danville's immediate housing needs
Current Demand for Housing
- 606 Single Family Homes valued at over $250,000
- 196 in the $250,000 - $299,999 range
- 209 in the $300,000 - $399,000 range
- 88 in the $400,000 - $499,999 range
- 113 in the $500,000+ range
- 760 Apartments with rents between $700 to $1,500 per month
- There are 3,355 existing renters with incomes that can support modern quality rental products. However, there are only 538 units within this category.
- There are over 600 existing renters age 62+ with incomes that would support modern rental products. Nearly all the existing rental products on the market are not senior friendly.
Expected New Demand for Housing
Since 2018, Danville and Pittsylvania County have announced over 3,900 new jobs that will impact the Danville region within the next 18 months. These jobs would support:
- 1,563 additional apartments
- 990 Workforce apartments ($750 - $1,000 per month)
- 573 Upscale apartments ($1,000 - $1,500 per month)
- 234 additional single-family homes
- 70 Entry level homes at less than $300,000
- 144 “Move up” homes at between $300,000 - $450,000
- 20 “Upscale” homes at $450,000+