Lanett, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lanett, AL Real Estate Data


Lanett Housing Market Information

With 6,452 people, 2,530 houses or apartments, and a median cost of homes of $103,937, house prices in Lanett are solidly below the national average.

Single-family detached homes are the single most common housing type in Lanett, accounting for 76.15% of the city's housing units. Other types of housing that are prevalent in Lanett include duplexes, homes converted to apartments or other small apartment buildings ( 16.95%), large apartment complexes or high rise apartments ( 3.72%), and a few mobile homes or trailers ( 2.75%).

The most prevalent building size and type in Lanett are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.00% owning and 47.00% 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. Lanett's housing was primarily built during this period, from the '40s through the '60s. A full 53.08% of the city's housing hails from this era. Other housing ages represented in Lanett include homes built between 1970-1999 ( 27.63%) and housing constructed before 1939 ( 13.80%). There's also some housing in Lanett built between 2000 and later ( 5.49%).

Vacant housing appears to be an issue in Lanett. Fully 21.01% of the housing stock is classified as vacant. Left unchecked, vacant Lanett homes and apartments can be a drag on the real estate market, holding Lanett 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.

Lanett Home Appreciation Rates

Real estate appreciation rates in Lanett's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.67% during the period.

Appreciation rates are so strong in Lanett that despite a nationwide downturn in the housing market, Lanett real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lanett appreciation rates continue to be some of the highest in America, at 6.12%, which is higher than appreciation rates in 74.03% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lanett. Lanett appreciation rates in the latest quarter were at 0.55%, which equates to an annual appreciation rate of 2.20%.

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

Average Home Values

 

Median Home Value:
$103,937

Lanett, AL HOME PRICES

Value Range
> $1,038,000 0.0
$779,001 - $1,038,000 1.0
$519,001 - $779,000 0.0
$416,001 - $519,000 0.5
$312,001 - $416,000 1.8
$208,001 - $312,000 5.3
$104,001 - $208,000 30.5
$52,001 - $104,000 35.7
$0 - $52,000 25.2

Average for AL
Low for Nation

Value Relative to Nation Value Relative to State
74.9794913863823 51.5

Number Of Homes And Apartments:
2,530

Rent & Ownership

 

Average Market Rent:
$820 / per month

Homeownership Rate

Homeownership
Owners 53.00
Renters 47.00
Vacant 21.01

Housing Market Details

 

Age of Homes

AGE OF Lanett HOMES
2000 or Newer 5.5
1970 - 1999 27.6
1940 - 1969 53.1
1939 or Older 13.8

Types of Homes

TYPE OF Lanett HOMES
Single-Family 76.1
Townhomes 0.4
Small Apt. Buildings 17.0
Apt. Complexes 3.7
Mobile Homes 2.7
Other 0.0

Home Size

SIZE OF Lanett HOMES
No Bedroom 9.55
1 Bedroom 5.18
2 Bedrooms 31.91
3 Bedrooms 39.71
4 Bedrooms 10.77
5 or more bedrooms 2.87

Lanett Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
15.87% 0.86% 2 2
* 10 is highest

Popular Neighborhoods in Lanett

Zip Codes in Lanett, AL