Lancaster, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lancaster, OH Real Estate Data


Lancaster Housing Market Information

With 39,766 people, 16,186 houses or apartments, and a median cost of homes of $139,657, 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 66.52% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 14.64%), duplexes, homes converted to apartments or other small apartment buildings ( 14.17%), and a few row houses and other attached homes ( 3.56%).

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 53.26% owning and 46.74% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lancaster's housing was primarily built during this period, from the '40s through the '60s. A full 36.50% of the city's housing hails from this era. Other housing ages represented in Lancaster include homes built between 1970-1999 ( 31.18%) and housing constructed before 1939 ( 22.37%). There's also some housing in Lancaster built between 2000 and later ( 9.95%).

Lancaster Home Appreciation Rates

Real estate appreciation rates in Lancaster's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.13% during the period.

Appreciation rates are so strong in Lancaster that despite a nationwide downturn in the housing market, Lancaster real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lancaster appreciation rates continue to be some of the highest in America, at 6.53%, which is higher than appreciation rates in 80.46% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lancaster. Lancaster appreciation rates in the latest quarter were at 2.81%, which equates to an annual appreciation rate of 11.73%.

Importantly, this makes Lancaster 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 Ohio, our data show that Lancaster's latest annual appreciation rate is higher than 80% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lancaster differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lancaster - 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 Lancaster real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$139,657

Lancaster, OH HOME PRICES

Value Range
> $1,154,000 0.4
$866,001 - $1,154,000 0.0
$577,001 - $866,000 0.5
$462,001 - $577,000 0.6
$346,001 - $462,000 1.6
$231,001 - $346,000 8.2
$116,001 - $231,000 49.3
$58,001 - $116,000 31.8
$0 - $58,000 7.6

Average for OH
Average for Nation

Value Relative to Nation Value Relative to State
55.9173156877672 49.0813648293963

Number Of Homes And Apartments:
16,186

Rent & Ownership

 

Average Market Rent:
$839 / per month

Homeownership Rate

Homeownership
Owners 53.26
Renters 46.74
Vacant 8.21

Housing Market Details

 

Age of Homes

AGE OF Lancaster HOMES
2000 or Newer 9.9
1970 - 1999 31.2
1940 - 1969 36.5
1939 or Older 22.4

Types of Homes

TYPE OF Lancaster HOMES
Single-Family 66.5
Townhomes 3.6
Small Apt. Buildings 14.2
Apt. Complexes 14.6
Mobile Homes 1.1
Other 0.0

Home Size

SIZE OF Lancaster HOMES
No Bedroom 1.89
1 Bedroom 15.26
2 Bedrooms 30.13
3 Bedrooms 41.94
4 Bedrooms 8.69
5 or more bedrooms 2.08

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
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
12.63% 0.70% 5 1
* 10 is highest