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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Lexington, NC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lexington, NC Housing Market Trends

With 19,679 people, 7,751 houses or apartments, and a median cost of homes of $168,833, house prices in Lexington are solidly below the national average.

Single-family detached homes are the single most common housing type in Lexington, accounting for 69.27% of the city's housing units. Other types of housing that are prevalent in Lexington include duplexes, homes converted to apartments or other small apartment buildings ( 13.77%), large apartment complexes or high rise apartments ( 10.56%), and a few mobile homes or trailers ( 4.27%).

The most prevalent building size and type in Lexington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 37.93% owning and 62.07% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lexington's housing was primarily built during this period, from the '40s through the '60s. A full 39.30% of the city's housing hails from this era. Other housing ages represented in Lexington include homes built between 1970-1999 ( 35.67%) and housing constructed between 2000 and later ( 14.63%). There's also some housing in Lexington built before 1939 ( 10.39%).

Vacant housing appears to be an issue in Lexington. Fully 14.40% of the housing stock is classified as vacant. Left unchecked, vacant Lexington homes and apartments can be a drag on the real estate market, holding Lexington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Lexington Home Appreciation Rates

Real estate appreciation rates in Lexington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.65% during the period.

Appreciation rates are so strong in Lexington that despite a nationwide downturn in the housing market, Lexington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lexington appreciation rates continue to be some of the highest in America, at 9.05%, which is higher than appreciation rates in 91.91% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lexington. Lexington appreciation rates in the latest quarter were at 1.70%, which equates to an annual appreciation rate of 6.97%.

Relative to North Carolina, our data show that Lexington's latest annual appreciation rate is higher than 80% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lexington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lexington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lexington real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$168,833

Lexington, NC Home Prices
> $1,418,000
$1,063,001 - $1,418,000
$709,001 - $1,063,000
$567,001 - $709,000
$425,001 - $567,000
$284,001 - $425,000
$142,001 - $284,000
$71,001 - $142,000
$0 - $71,000
0.1%
0.1%
0.1%
0.1%
2.0%
2.0%
0.4%
0.4%
3.1%
3.1%
12.4%
12.4%
37.2%
37.2%
30.2%
30.2%
14.5%
14.5%
0% 100.0%
% of Homes
Very Low

for North carolina

Low

for nation

Number of Homes And Apartments:

7,751

Lexington Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,319 / per month

Homeownership Rate

Owners
Renters
37.9%
37.9%
62.1%
62.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.4%
14.4%
85.6%
85.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.6%
14.6%
35.7%
35.7%
39.3%
39.3%
10.4%
10.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
69.3%
69.3%
2.1%
2.1%
13.8%
13.8%
10.6%
10.6%
4.3%
4.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.7%
1.7%
8.0%
8.0%
36.0%
36.0%
45.7%
45.7%
7.6%
7.6%
1.0%
1.0%
0% 100.0%
% of Homes