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 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Lancaster Housing Market Information

With a population of 40,414, 16,255 total housing units (homes and apartments), and a median house value of $133,576, 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 65.54% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 14.81%), duplexes, homes converted to apartments or other small apartment buildings ( 14.29%), and a few row houses and other attached homes ( 4.24%).

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 52.93% owning and 47.07% 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 34.12% of the city's housing hails from this era. Other housing ages represented in Lancaster include homes built between 1970-1999 ( 31.47%) and housing constructed before 1939 ( 22.66%). There's also some housing in Lancaster built between 2000 and later ( 11.75%).

Vacant housing appears to be an issue in Lancaster. Fully 10.47% 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 1.42% during the period.

NeighborhoodScout's data show that during the latest twelve months, Lancaster's appreciation rate, at 4.89%, has been at or slightly above the national average. In the latest quarter, Lancaster's appreciation rate has been 0.45%, which annualizes to a rate of 1.81%.

Relative to Ohio, our data show that Lancaster's latest annual appreciation rate is higher than 70% 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:
$133,576

Lancaster, OH HOME PRICES

Value Range
> $1,138,000 0.4
$854,001 - $1,138,000 0.1
$569,001 - $854,000 1.1
$455,001 - $569,000 0.8
$341,001 - $455,000 2.6
$227,001 - $341,000 9.3
$114,001 - $227,000 46.3
$57,001 - $114,000 32.1
$0 - $57,000 7.3

Low for OH
Low for Nation

Value Relative to Nation Value Relative to State
67.0773722627737 65.4855643044619

Number Of Homes And Apartments:
16,255

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
Since 2000:
2000 Q1 - 2019 Q4
20.45% 0.93%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$995 / per month

Homeownership Rate

Homeownership
Owners 52.93
Renters 47.07
Vacant 10.47

Housing Market Details

 

Age of Homes

AGE OF Lancaster HOMES
2000 or Newer 11.7
1970 - 1999 31.5
1940 - 1969 34.1
1939 or Older 22.7

Types of Homes

TYPE OF Lancaster HOMES
Single-Family 65.5
Townhomes 4.2
Small Apt. Buildings 14.3
Apt. Complexes 14.8
Mobile Homes 1.1
Other 0.0

Home Size

SIZE OF Lancaster HOMES
No Bedroom 3.31
1 Bedroom 12.45
2 Bedrooms 32.62
3 Bedrooms 40.18
4 Bedrooms 9.73
5 or more bedrooms 1.70