Lancaster, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Lancaster Neighborhoods Since 2000




Lancaster, KY Real Estate Data


Lancaster Housing Market Information

With 3,864 people, 1,494 houses or apartments, and a median cost of homes of $111,316, house prices in Lancaster are solidly below the national average.

Single-family detached homes are the single most common housing type in Lancaster, accounting for 76.50% of the city's housing units. Other types of housing that are prevalent in Lancaster include duplexes, homes converted to apartments or other small apartment buildings ( 15.20%), large apartment complexes or high rise apartments ( 5.67%), and a few row houses and other attached homes ( 1.46%).

The most prevalent building size and type in Lancaster are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.59% owning and 47.41% renting.

There is a lot of housing in Lancaster 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 Lancaster built between 1940-1969 ( 37.17%). A lesser amount of the housing stock also hails from before 1939 ( 19.29%). There's also some housing in Lancaster built between 2000 and later ( 4.73%).

Vacant housing appears to be an issue in Lancaster. Fully 12.68% of the housing stock is classified as vacant. Left unchecked, vacant Lancaster homes and apartments can be a drag on the real estate market, holding Lancaster 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.

Lancaster Home Appreciation Rates

Lancaster's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lancaster during the period has been just -0.76%, which is lower than 70% of US communities.

Over the last year, Lancaster appreciation rates have trailed the rest of the nation. In the last twelve months, Lancaster's appreciation rate has been 2.45%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lancaster were at 1.14%, which equates to an annual appreciation rate of 4.64%.

Relative to Kentucky, our data show that Lancaster's latest annual appreciation rate is lower than 80% of the other cities and towns in Kentucky.

Average Home Values

 

Median Home Value:
$111,316

Lancaster, KY HOME PRICES

Value Range
> $1,022,000 0.0
$767,001 - $1,022,000 0.9
$511,001 - $767,000 1.5
$409,001 - $511,000 0.6
$307,001 - $409,000 0.4
$205,001 - $307,000 9.6
$102,001 - $205,000 42.9
$52,001 - $102,000 33.1
$0 - $52,000 11.1

Average for KY
Low for Nation

Value Relative to Nation Value Relative to State
71.5640920536394 45.1127819548872

Number Of Homes And Apartments:
1,494

Rent & Ownership

 

Average Market Rent:
$803 / per month

Homeownership Rate

Homeownership
Owners 52.59
Renters 47.41
Vacant 12.68

Housing Market Details

 

Age of Homes

AGE OF Lancaster HOMES
2000 or Newer 4.7
1970 - 1999 38.8
1940 - 1969 37.2
1939 or Older 19.3

Types of Homes

TYPE OF Lancaster HOMES
Single-Family 76.5
Townhomes 1.5
Small Apt. Buildings 15.2
Apt. Complexes 5.7
Mobile Homes 1.2
Other 0.0

Home Size

SIZE OF Lancaster HOMES
No Bedroom 2.16
1 Bedroom 4.50
2 Bedrooms 36.59
3 Bedrooms 43.78
4 Bedrooms 9.23
5 or more bedrooms 3.74

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
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
11.07% 0.62% 1 1
* 10 is highest