Lakeland, 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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lakeland Housing Market Information

With 112,136 people, 40,938 houses or apartments, and a median cost of homes of $166,722, Lakeland 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 Lakeland, accounting for 48.41% of the city's housing units. Other types of housing that are prevalent in Lakeland include large apartment complexes or high rise apartments ( 20.66%), mobile homes or trailers ( 15.62%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 11.95%).

People in Lakeland primarily live in small (one, two or no bedroom) single-family detached homes. Lakeland has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Lakeland 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 Lakeland built between 1940-1969 ( 22.08%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.15%). There's also some housing in Lakeland built before 1939 ( 5.72%).

Vacant housing appears to be an issue in Lakeland. Fully 17.00% of the housing stock is classified as vacant. Left unchecked, vacant Lakeland homes and apartments can be a drag on the real estate market, holding Lakeland 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.

Lakeland Home Appreciation Rates

In the last 10 years, Lakeland has experienced some of the highest home appreciation rates of any community in the nation. Lakeland real estate appreciated 74.28% over the last ten years, which is an average annual home appreciation rate of 5.71%, putting Lakeland in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lakeland definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Lakeland that despite a nationwide downturn in the housing market, Lakeland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lakeland appreciation rates continue to be some of the highest in America, at 6.44%, which is higher than appreciation rates in 90.92% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lakeland. Lakeland appreciation rates in the latest quarter were at 2.49%, which equates to an annual appreciation rate of 10.34%.

Importantly, this makes Lakeland 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 Lakeland'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 Lakeland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lakeland - 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 Lakeland real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$166,722

Lakeland, FL HOME PRICES

> $1,390,000
0.3%
0.3%
$1,042,001 - $1,390,000
0.7%
0.7%
$695,001 - $1,042,000
1.4%
1.4%
$556,001 - $695,000
1.7%
1.7%
$417,001 - $556,000
5.7%
5.7%
$278,001 - $417,000
13.1%
13.1%
$139,001 - $278,000
32.1%
32.1%
$69,001 - $139,000
23.7%
23.7%
$0 - $69,000
21.2%
21.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Low for FL

Value Relative To Nation

Number Of Homes And Apartments:
40,938

Lakeland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
109.39% 3.63%
4
9
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,208 / per month

Homeownership Rate

Owners
52.5%
52.5%
Renters
47.5%
47.5%
Vacant
17.0%
17.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
18.1%
18.1%
1970 - 1999
54.1%
54.1%
1940 - 1969
22.1%
22.1%
1939 or Older
5.7%
5.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
48.4%
48.4%
Townhomes
3.3%
3.3%
Small Apt. Buildings
12.0%
12.0%
Apt. Complexes
20.7%
20.7%
Mobile Homes
15.6%
15.6%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
9.4%
9.4%
1 Bedroom
10.4%
10.4%
2 Bedrooms
37.1%
37.1%
3 Bedrooms
31.9%
31.9%
4 Bedrooms
9.4%
9.4%
5 or more bedrooms
1.8%
1.8%
0.0% 100.0%
% OF HOMES