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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 16,021, 5,375 total housing units (homes and apartments), and a median house value of $368,494, Lake Mary house prices are not only among the most expensive in Florida, Lake Mary real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Lake Mary, accounting for 67.29% of the city's housing units. Other types of housing that are prevalent in Lake Mary include large apartment complexes or high rise apartments ( 13.88%), row houses and other attached homes ( 8.61%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.75%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Mary. Owner-occupied housing accounts for 76.26% of Lake Mary's homes, and 67.56% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Lake Mary 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 Mary built between 2000 and later ( 26.36%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.50%).
Vacant housing appears to be an issue in Lake Mary. Fully 13.82% of the housing stock is classified as vacant. Left unchecked, vacant Lake Mary homes and apartments can be a drag on the real estate market, holding Lake Mary 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 Mary's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lake Mary during the period has been just -2.01%, which is lower than 80% of US communities.
Appreciation rates are so strong in Lake Mary that despite a nationwide downturn in the housing market, Lake Mary real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake Mary appreciation rates continue to be some of the highest in America, at 11.63%, which is higher than appreciation rates in 96.93% 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 Mary. Lake Mary appreciation rates in the latest quarter were at 2.68%, which equates to an annual appreciation rate of 11.16%.
Importantly, this makes Lake Mary one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that Lake Mary's latest annual appreciation rate is higher 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 Mary differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Mary - 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 Mary real estate investment or home purchase decisions.
|$971,001 - $1,294,000||0.5|
|$647,001 - $971,000||2.0|
|$518,001 - $647,000||8.6|
|$388,001 - $518,000||22.2|
|$259,001 - $388,000||24.1|
|$129,001 - $259,000||29.6|
|$65,001 - $129,000||10.9|
|$0 - $65,000||1.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Lake Mary HOMES|
|2000 or Newer||26.4|
|1970 - 1999||65.7|
|1940 - 1969||7.5|
|1939 or Older||0.4|
|TYPE OF Lake Mary HOMES|
|Small Apt. Buildings||6.8|
|SIZE OF Lake Mary HOMES|
|5 or more bedrooms||4.91|