Lake City, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Lake City, FL 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 Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Lake City Housing Market Information

With a population of 12,163, 4,556 total housing units (homes and apartments), and a median house value of $177,344, Lake City real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Lake City, accounting for 62.33% of the city's housing units. Other types of housing that are prevalent in Lake City include large apartment complexes or high rise apartments ( 17.44%), duplexes, homes converted to apartments or other small apartment buildings ( 14.78%), and a few mobile homes or trailers ( 4.44%).

The most prevalent building size and type in Lake City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.83% owning and 54.17% renting.

There is a lot of housing in Lake City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake City built between 2000 and later ( 30.81%). A lesser amount of the housing stock also hails from between 1940-1969 ( 23.54%). There's also some housing in Lake City built before 1939 ( 5.48%).

Vacant housing appears to be an issue in Lake City. Fully 11.72% of the housing stock is classified as vacant. Left unchecked, vacant Lake City homes and apartments can be a drag on the real estate market, holding Lake City 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.

Lake City Home Appreciation Rates

Appreciation rates for homes in Lake City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 25.59%, which ranks in the top 30% nationwide. This equates to an annual average Lake City house appreciation rate of 2.30%.

Appreciation rates are so strong in Lake City that despite a nationwide downturn in the housing market, Lake City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake City appreciation rates continue to be some of the highest in America, at 8.92%, which is higher than appreciation rates in 86.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake City. Lake City appreciation rates in the latest quarter were at 2.09%, which equates to an annual appreciation rate of 8.62%.

Relative to Florida, our data show that Lake City's latest annual appreciation rate is lower than 70% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lake City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake City - 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 Lake City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$177,344

Lake City, FL HOME PRICES

Value Range
> $1,268,000 0.2
$950,001 - $1,268,000 0.1
$634,001 - $950,000 1.6
$507,001 - $634,000 1.8
$380,001 - $507,000 5.2
$254,001 - $380,000 11.1
$126,001 - $254,000 40.0
$63,001 - $126,000 29.2
$0 - $63,000 10.8

Low for FL
Average for Nation

Value Relative to Nation Value Relative to State
45.5065693430657 64.6808510638298

Number Of Homes And Apartments:
4,556

Lake City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
129.85% 4.42%
8
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,207 / per month

Homeownership Rate

Homeownership
Owners 45.83
Renters 54.17
Vacant 11.72

Housing Market Details

 

Age of Homes

AGE OF Lake City HOMES
2000 or Newer 30.8
1970 - 1999 40.2
1940 - 1969 23.5
1939 or Older 5.5

Types of Homes

TYPE OF Lake City HOMES
Single-Family 62.3
Townhomes 1.0
Small Apt. Buildings 14.8
Apt. Complexes 17.4
Mobile Homes 4.4
Other 0.0

Home Size

SIZE OF Lake City HOMES
No Bedroom 2.33
1 Bedroom 5.85
2 Bedrooms 39.00
3 Bedrooms 43.58
4 Bedrooms 7.94
5 or more bedrooms 1.30