Lancaster, OH Real Estate Market

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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Lancaster, OH Housing Market Trends

With 40,505 people, 16,369 houses or apartments, and a median cost of homes of $137,548, 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 64.76% 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 ( 15.05%), large apartment complexes or high rise apartments ( 14.54%), and a few row houses and other attached homes ( 4.65%).

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 53.89% owning and 46.11% 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 33.70% of the city's housing hails from this era. Other housing ages represented in Lancaster include homes built between 1970-1999 ( 31.13%) and housing constructed before 1939 ( 22.64%). There's also some housing in Lancaster built between 2000 and later ( 12.53%).

Vacant housing appears to be an issue in Lancaster. Fully 10.54% 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

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 2.16% 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 6.56%, which is higher than appreciation rates in 76.99% 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 2.53%, which equates to an annual appreciation rate of 10.53%.

Relative to Ohio, our data show that Lancaster's latest annual appreciation rate is higher than 60% 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:
$137,548

Lancaster, OH HOME PRICES

> $1,176,000
0.3%
0.3%
$882,001 - $1,176,000
0.2%
0.2%
$588,001 - $882,000
1.3%
1.3%
$470,001 - $588,000
0.9%
0.9%
$353,001 - $470,000
2.7%
2.7%
$235,001 - $353,000
10.0%
10.0%
$118,001 - $235,000
47.0%
47.0%
$59,001 - $118,000
30.9%
30.9%
$0 - $59,000
6.7%
6.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
16,369

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
29.80% 1.25%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,000 / per month

Homeownership Rate

Owners
53.9%
53.9%
Renters
46.1%
46.1%
Vacant
10.5%
10.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.5%
12.5%
1970 - 1999
31.1%
31.1%
1940 - 1969
33.7%
33.7%
1939 or Older
22.6%
22.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.8%
64.8%
Townhomes
4.7%
4.7%
Small Apt. Buildings
15.1%
15.1%
Apt. Complexes
14.5%
14.5%
Mobile Homes
1.0%
1.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
12.3%
12.3%
2 Bedrooms
33.4%
33.4%
3 Bedrooms
39.9%
39.9%
4 Bedrooms
10.1%
10.1%
5 or more bedrooms
1.5%
1.5%
0.0% 100.0%
% OF HOMES