Lanett, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lanett, AL Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Lanett Housing Market Information

With 6,452 people, 2,530 houses or apartments, and a median cost of homes of $104,413, 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 -0.70% during the period.

NeighborhoodScout's data show that during the latest twelve months, Lanett's appreciation rate, at 5.51%, has been at or slightly above the national average. In the latest quarter, Lanett's appreciation rate has been 0.55%, which annualizes to a rate of 2.22%.

Relative to Alabama, our data show that Lanett's latest annual appreciation rate is higher than 90% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$104,413

Lanett, AL HOME PRICES

Value Range
> $1,044,000 0.0
$783,001 - $1,044,000 1.0
$522,001 - $783,000 0.0
$417,001 - $522,000 0.5
$313,001 - $417,000 1.8
$209,001 - $313,000 5.3
$104,001 - $209,000 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
74.6630727762803 51.5

Number Of Homes And Apartments:
2,530

Lanett Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
16.32% 0.88% 2 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$848 / 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

Popular Neighborhoods in Lanett

Zip Codes in Lanett, AL