well gravity causes things to accelerate at a constant rate, says ~ 10 m/s^2. What this means is that every second that an object falls under gravity on earth, ignoring air resistance, its velocity increases by 10 m/s. If you drop something from rest its velocity is zero. After 1 second its velocity is 10m/s, 2 seconds its 20m/s. This increase of velocity happens in time. So the object must 'pass through' all of the velocities in order to attain 10 m/s. Then it passes through every velocity from 10 - 20 m/s etc and will keep on doing so until something stop it, like the floor.
While the velocity is only ever one value at on specific time, it does not need to travel any distance at that value for us to assign it say 5m/s and t = 5 seconds. If we remove the force at the instant its velocity it 5 m/s, this will be its velocity indefinitely.