Lancaster, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Lancaster, OH 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 Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Lancaster Housing Market Information

With 40,280 people, 16,205 houses or apartments, and a median cost of homes of $128,185, 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 64.55% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 15.05%), duplexes, homes converted to apartments or other small apartment buildings ( 14.77%), and a few row houses and other attached homes ( 4.31%).

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 51.75% owning and 48.25% 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 33.53% of the city's housing hails from this era. Other housing ages represented in Lancaster include homes built between 1970-1999 ( 30.94%) and housing constructed before 1939 ( 23.05%). There's also some housing in Lancaster built between 2000 and later ( 12.48%).

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 0.99% 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 8.43%, which is higher than appreciation rates in 83.19% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lancaster. Lancaster appreciation rates in the latest quarter were at 1.52%, which equates to an annual appreciation rate of 6.20%.

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:
$128,185

Lancaster, OH HOME PRICES

Value Range
> $1,181,000 0.3
$886,001 - $1,181,000 0.1
$590,001 - $886,000 0.9
$472,001 - $590,000 0.6
$354,001 - $472,000 2.8
$236,001 - $354,000 9.0
$118,001 - $236,000 45.3
$59,001 - $118,000 33.4
$0 - $59,000 7.6

Low for OH
Low for Nation

Value Relative to Nation Value Relative to State
67.5211678832117 67.4540682414698

Number Of Homes And Apartments:
16,205

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
19.91% 0.95%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$984 / per month

Homeownership Rate

Homeownership
Owners 51.75
Renters 48.25
Vacant 9.47

Housing Market Details

 

Age of Homes

AGE OF Lancaster HOMES
2000 or Newer 12.5
1970 - 1999 30.9
1940 - 1969 33.5
1939 or Older 23.0

Types of Homes

TYPE OF Lancaster HOMES
Single-Family 64.5
Townhomes 4.3
Small Apt. Buildings 14.8
Apt. Complexes 15.0
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Lancaster HOMES
No Bedroom 2.75
1 Bedroom 13.95
2 Bedrooms 31.89
3 Bedrooms 40.55
4 Bedrooms 9.18
5 or more bedrooms 1.68