Lexington, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lexington, MI 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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Lexington Housing Market Information

With a population of 1,128, 613 total housing units (homes and apartments), and a median house value of $148,592, Lexington 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 Lexington, accounting for 50.99% of the village's housing units. Other types of housing that are prevalent in Lexington include mobile homes or trailers ( 30.66%), large apartment complexes or high rise apartments ( 11.16%), and a few row houses and other attached homes ( 3.55%).

Dwellings in Lexington tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 68.43% of the homes in Lexington have two or fewer bedrooms.

There is a lot of housing in Lexington 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 Lexington built between 1940-1969 ( 27.02%). A lesser amount of the housing stock also hails from before 1939 ( 16.69%). There's also some housing in Lexington built between 2000 and later ( 8.02%).

A decent proportion of the Lexington housing stock is seasonally occupied. That is, homes and condos in Lexington are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Lexington housing market speaks to its popularity as a vacation location of choice.

Lexington Home Appreciation Rates

Lexington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lexington during the period has been just -1.80%, which is lower than 80% of US communities.

Over the last year, Lexington appreciation rates have trailed the rest of the nation. In the last twelve months, Lexington's appreciation rate has been 2.43%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lexington were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$148,592

Lexington, MI HOME PRICES

Value Range
> $1,100,000 0.0
$825,001 - $1,100,000 0.0
$550,001 - $825,000 0.0
$440,001 - $550,000 4.9
$330,001 - $440,000 4.8
$220,001 - $330,000 10.3
$110,001 - $220,000 50.9
$55,001 - $110,000 14.3
$0 - $55,000 14.8

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
50.6855736552209 37.6602564102564

Number Of Homes And Apartments:
613

Lexington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
-3.63% -0.21% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$630 / per month

Homeownership Rate

Homeownership
Owners 71.69
Renters 28.31
Vacant 49.34

Housing Market Details

 

Age of Homes

AGE OF Lexington HOMES
2000 or Newer 8.0
1970 - 1999 48.3
1940 - 1969 27.0
1939 or Older 16.7

Types of Homes

TYPE OF Lexington HOMES
Single-Family 51.0
Townhomes 3.6
Small Apt. Buildings 3.4
Apt. Complexes 11.2
Mobile Homes 30.7
Other 0.2

Home Size

SIZE OF Lexington HOMES
No Bedroom 0.99
1 Bedroom 21.57
2 Bedrooms 45.87
3 Bedrooms 22.48
4 Bedrooms 5.62
5 or more bedrooms 3.47

Popular Neighborhoods in Lexington

Zip Codes in Lexington, MI