Martinsville city Real Estate and Livability Trends
Martinsville City, Virginia, has seen its average taxable income per tax return rise significantly over nine years, peaking at $49,107.40 in 2021, suggesting potential economic growth and attracting both investors and new residents. Interestingly, real estate taxes have also surged by over 80%, which could influence investment decisions. Home values have been volatile, dropping to $77,600 in 2021... Read more
Martinsville city Market Trends
Martinsville, Virginia's housing market has been notably unstable, with median home values fluctuating from a low of $77,600 in 2021 to a high of $90,100 in 2017, contrasting with the steady national rise. Despite this, a rise in residential energy tax credits, peaking at $671.43 in 2021, suggests a local trend towards sustainability, which could boost property values long-term. Real estate taxes... Read more
Median Value of Occupied Housing Units in Martinsville city, Virginia Over the Last 8 Years
Martinsville city, Virginia's median home values have shown fluctuations over the past eight years, hitting a low of $77,600 in 2021 and a high of $90,100 in 2017. Comparing this to the national trend, where values steadily increased from $125,500 in 2015 to $179,400 in 2022, Martinsville's market appears to be less stable. Additionally, median values in Virginia have risen consistently from $245,000 in 2015 to $339,800 in 2022. This divergence suggests that while the broader state and national markets have experienced growth, Martinsville's housing market might be reflecting local economic challenges or other unique factors, potentially offering opportunities for investors seeking lower entry points.
Residential Energy Tax Credit Per Tax Return in Martinsville city, VA Over the Last 9 Years
Over the last nine years in Martinsville city, Virginia, there's been a notable upward trend in the average residential energy tax credit per tax return. This metric peaked at approximately $671.43 in 2021, reflecting increased incentives for energy-efficient home improvements. Such trends may indicate rising local investments in sustainable living, potentially boosting the long-term value of residential properties and encouraging eco-friendly development practices. This could interest investors, real estate agents, and homeowners looking to leverage these benefits.
Average Real Estate Taxes Per Tax Return in Martinsville city, VA Over the Last 10 Years
Over the last decade, real estate taxes per tax return in Martinsville city, Virginia, have seen a notable increase from $1,915.09 in 2012 to $3,515.00 in 2021. The most significant jump occurred between 2017 and 2018, where taxes rose from $2,216.85 to $3,032.14. This upward trend might influence property investment decisions, impacting appraisals, insurance premiums, and real estate market activity in the area. For potential homeowners or investors, understanding these changes could be key to making informed financial choices.
Percentage of Farm Returns in Martinsville city, VA Over the Last 3 Years
Farm tax returns in Martinsville city, Virginia have shown slight fluctuations over the last few years, hovering around 0.34%. This means that a small but somewhat stable proportion of tax filings come from farm-based incomes, which could suggest limited but steady agricultural activity. For those looking to invest or build properties, this minor yet consistent farm economy might indicate potential opportunities in niche agricultural markets or related services. Additionally, those interested in living in the area might appreciate the subtle rural charm without overwhelming farm activity.
Number of Mortgages by Occupancy Type in Martinsville city, VA Over the Last 5 Years in Martinsville city
In Martinsville city, Virginia, over the past five years, the majority of mortgage activity has centered around principal residences, with investment properties and second residences trailing significantly. This trend might imply a stable local market where most people are buying homes to live in rather than for investment or vacation purposes. For investors, this indicates a potentially lower competition for investment properties, while real estate agents and builders might focus more on catering to families and primary homeowners. Understanding occupancy type shifts also aids appraisers and insurance agents in assessing property values and risks more accurately based on predominant usage.
Economic Outlook
Martinsville city, Virginia, has experienced a notable increase in average taxable income per tax return over the past nine years, peaking at $49,107.40 in 2021. This growth may hint at a resilient and potentially burgeoning local economy, providing a favorable backdrop for investors and new residents. The significant rise in state and local income taxes, climbing to $9,725.00 in 2021, further suggests a strengthening economic environment. Additionally, fluctuations in average total tax... Read more
Average Taxable Income per Tax Return in Martinsville city, VA over the last 9 years
Martinsville city, Virginia, has seen a generally upward trend in average taxable income per tax return over the past nine years, peaking in 2021 at $49,107.40. This growth, despite a slight dip in 2020, could indicate a resilient local economy that bodes well for investors, new residents, and real estate stakeholders. The steady increase, particularly between 2017 and 2021, suggests progressive economic opportunities, making Martinsville an intriguing consideration for future financial planning and property investments.
Average State and Local Income Taxes Per Tax Return in Martinsville city, VA Over the Last 10 Years
Martinsville, Virginia has seen a significant upward trend in average state and local income taxes per tax return over the past decade. Values rose from approximately $4,961.68 in 2012 to $9,725.00 in 2021, with notable spikes in 2018 and 2019 reaching about $8,786.67 and $10,139.29 respectively. This trend might suggest a strengthening local economy or increases in income levels, factors that could be highly relevant for potential investors, real estate agents, and those looking to move to the area.
Average Total Tax Liability Per Tax Return in Martinsville city, VA Over the Last 10 Years
Martinsville City, Virginia has experienced fluctuations in average total tax liability per tax return over the past decade, with amounts ranging from a low of approximately $5,885.09 in 2020 to a high of about $7,290.30 in 2019. These variations might suggest shifts in economic conditions and income levels within the city. Understanding these trends can aid investors, insurers, and real estate agents in making informed decisions about the area's financial landscape.
Cost of Living in Martinsville city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,035 | $1,311 | $1,512 | $954 | $858 |
| 1 adult 4 children | $1,035 | $1,071 | $1,154 | $954 | $916 |
| 2 adults 3 children | $1,035 | $1,071 | $1,313 | $954 | $703 |
| 1 adult 3 children | $1,035 | $874 | $955 | $954 | $698 |
| 2 adults 2 children | $834 | $877 | $1,114 | $820 | $608 |
| 1 adult 2 children | $834 | $655 | $756 | $820 | $555 |
| 2 adults 1 child | $834 | $693 | $915 | $384 | $590 |
| 1 adult 1 child | $834 | $448 | $557 | $384 | $511 |
| 2 adults | $633 | $557 | $716 | $0 | $521 |
| 1 adult | $629 | $304 | $358 | $0 | $482 |
Safety trends & Data
In Martinsville City, Virginia, larceny-theft crimes have seen a notable drop over the past five years, down from 80.00 in 2018 to 45.00 in 2022. Vandalism incidents, however, have been unpredictable, peaking at 23.00 in 2021. Meanwhile, fraud cases have more than doubled, rising from 12.00 to 26.00 since 2018, which might be a focus for those in financial services and insurance. Motor vehicle theft has remained relatively stable, hovering around 7.00-8.00 annually, potentially indicating... Read more
Property Crime Trends in Martinsville city, VA Over the Last 5 Years
Martinsville city, Virginia has experienced a significant decline in larceny-theft crimes over the last five years, dropping from 80.00 in 2018 to 45.00 in 2022. However, vandalism incidents have remained somewhat volatile, peaking in 2021 at 23.00. Fraud cases show a general upward trend, from 12.00 in 2018 to 26.00 in 2022, which could be a point of interest for those involved in financial services and insurance. The stability in motor vehicle theft, staying mostly around 7.00-8.00 annually, might reflect consistent preventive measures. These crime dynamics are crucial for real estate agents, appraisers, and potential investors as they impact property values and community desirability.
Demographics
Martinsville city, Virginia shows a slightly higher population of females compared to males. The educational attainment data suggests a significant portion of adults have a high school diploma or some college experience. Age-wise, a notable portion of the population is in the 45 to 64 age range, yet there's a balanced spread across other age groups too. The racial distribution is fairly even between White and Black or African American populations, with smaller percentages representing other... Read more
Race Distribution in Martinsville city, Virginia (2022)
Educational Attainment in Martinsville city, Virginia (2022)
Age Distribution in Martinsville city, Virginia
Citizen Population in Martinsville city, Virginia (2022)
Political Trends & Data
In Martinsville City, Virginia, the 2020 U.S. Presidential Election results show a significant Democratic lean, with roughly 62.5% of the vote, while the Republican Party received about 35.9%, and the Libertarian Party took a minimal 1.2%. This leaning could reflect underlying demographic and socio-political factors shaping voter preferences in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Martinsville City, Virginia, voting patterns from the 2020 U.S. Presidential Election indicate a notable lean towards the Democratic Party, with approximately 62.5% of the vote. The Republican Party trailed with around 35.9%, while the Libertarian Party garnered a marginal 1.2%. Such trends may suggest a strong Democratic presence in the area, contrasted with more modest support for other parties. This distribution could be indicative of broader demographic or socio-political factors influencing voter behavior in the region.
35.94% of voters voted for the Republican party in the 2020 Presidential Election
62.52% of voters voted for the Democrat party in the 2020 Presidential Election
1.21% of voters voted for the Livertarian party in the 2020 Presidential Election
0.33% of voters voted for the Other party in the 2020 Presidential Election
School Data
Martinsville City, Virginia has seen its student-to-teacher ratio decrease from 15 students per teacher in 2014 to about 13 in 2023, dropping below the national average of 14. This could be a draw for potential movers and real estate investors, indicating a focus on educational quality and community growth. Lower ratios suggest more personalized student attention, possibly enhancing the area's appeal and hinting at a stable or growing community for builders and insurance... Read more
Student-to-teacher ratio in Martinsville City, Virginia over the last 10 years
Martinsville City, Virginia has seen a noticeable decline in its student-to-teacher ratio over the last decade, dropping from a high of 15 students per teacher in 2014 to around 13 students per teacher in 2023. Though starting above the current national average of 14, the recent figures now fall below this benchmark, suggesting potential advantages such as more personalized attention for students. This shift can be attractive to potential movers, real estate investors, and even appraisers, as a lower student-to-teacher ratio might enhance the area's appeal by indicating a focus on educational quality and community development. For insurance agents and builders, it might hint at a stable or growing community, impacting long-term strategic decisions.
