61832, Danville, IL

Home equity is the difference between what a homeowner owes on their home and what the home is worth. In Danville, IL, the average home equity was $101,000 in 2016. This means that homeowners in Danville had more than 10% of their homes' value left over after paying off debts and other obligations.

Home prices in Danville have also been rising steadily over the past few years. The average price of a home in Danville was $137,500 in 2016. This means that homeowners have seen their homes increase in value by an average of 7% each year since 2013.

There are several factors that may be contributing to this trend:

1) The local economy has been doing well overall, which could lead to more people being able to afford homes and increase demand for properties;

2) There is a limited supply of homes available for sale in Danville, which could lead to increased prices;

3) The city has a low unemployment rate and relatively low rates of crime, both of which could make it more desirable for potential buyers;

4) The city's schools are generally rated as good or excellent by parents, which may attract families who want to raise children there;

5) Finally, many homeowners have taken advantage of low interest rates over the past few years and have refinanced their mortgages multiple times to take advantage of historically low interest rates.