Lake Mary, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake Mary, FL Real Estate Data


Lake Mary Housing Market Information

With 16,021 people, 5,083 houses or apartments, and a median cost of homes of $314,252, Lake Mary real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Lake Mary, accounting for 70.42% of the city's housing units. Other types of housing that are prevalent in Lake Mary include large apartment complexes or high rise apartments ( 14.44%), row houses and other attached homes ( 7.23%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.91%).

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 78.26% of Lake Mary's homes, and 67.31% 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 ( 21.38%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.92%).

Vacant housing appears to be an issue in Lake Mary. Fully 14.17% 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 Home Appreciation Rates

Homes have actually lost value in Lake Mary over the last then years, as home values have seen a decline of 21.78% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Lake Mary home appreciation rates at 2.25%, which equates to an annual appreciation rate of 9.33%.

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 8.34%, which is higher than appreciation rates in 93.19% 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 2.25%, which equates to an annual appreciation rate of 9.33%.

Relative to Florida, our data show that Lake Mary's latest annual appreciation rate is lower than 60% 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.

Average Home Values

 

Median Home Value:
$314,252

Lake Mary, FL HOME PRICES

Value Range
> $1,302,000 0.2
$977,001 - $1,302,000 0.5
$651,001 - $977,000 2.3
$521,001 - $651,000 8.0
$391,001 - $521,000 20.9
$260,001 - $391,000 25.4
$130,001 - $260,000 30.6
$66,001 - $130,000 9.8
$0 - $66,000 2.3

High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
15.5120922878726 26.2820512820513

Number Of Homes And Apartments:
5,083

Rent & Ownership

 

Average Market Rent:
$1,728 / per month

Homeownership Rate

Homeownership
Owners 78.26
Renters 21.74
Vacant 14.17

Housing Market Details

 

Age of Homes

AGE OF Lake Mary HOMES
2000 or Newer 21.4
1970 - 1999 70.2
1940 - 1969 7.9
1939 or Older 0.5

Types of Homes

TYPE OF Lake Mary HOMES
Single-Family 70.4
Townhomes 7.2
Small Apt. Buildings 4.9
Apt. Complexes 14.4
Mobile Homes 3.0
Other 0.0

Home Size

SIZE OF Lake Mary HOMES
No Bedroom 0.71
1 Bedroom 10.98
2 Bedrooms 14.37
3 Bedrooms 35.83
4 Bedrooms 31.48
5 or more bedrooms 6.64

Lake Mary Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
54.20% 2.58% 3 7
* 10 is highest