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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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 a population of 41,174, 16,494 total housing units (homes and apartments), and a median house value of $181,305, 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 69.56% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 13.77%), duplexes, homes converted to apartments or other small apartment buildings ( 12.45%), and a few row houses and other attached homes ( 3.54%).

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 57.16% owning and 42.84% 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 34.68% of the city's housing hails from this era. Other housing ages represented in Lancaster include homes built between 1970-1999 ( 28.89%) and housing constructed before 1939 ( 23.98%). There's also some housing in Lancaster built between 2000 and later ( 12.45%).

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 5.78% during the period.

Over the last year, Lancaster appreciation rates have trailed the rest of the nation. In the last twelve months, Lancaster's appreciation rate has been 2.72%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lancaster were at 5.72%, which equates to an annual appreciation rate of 24.91%.

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 lower 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

$181,305

Lancaster, OH Home Prices
> $1,400,000
$1,050,001 - $1,400,000
$700,001 - $1,050,000
$560,001 - $700,000
$420,001 - $560,000
$280,001 - $420,000
$140,001 - $280,000
$70,001 - $140,000
$0 - $70,000
0.3%
0.3%
0.0%
0.0%
0.9%
0.9%
0.8%
0.8%
2.9%
2.9%
16.8%
16.8%
49.3%
49.3%
24.7%
24.7%
4.4%
4.4%
0% 100.0%
% of Homes
Low

for Ohio

Low

for nation

Number of Homes And Apartments:

16,494

Lancaster Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,480 / per month

Homeownership Rate

Owners
Renters
Vacant
57.2%
57.2%
42.8%
42.8%
9.5%
9.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.5%
12.5%
28.9%
28.9%
34.7%
34.7%
24.0%
24.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
69.6%
69.6%
3.5%
3.5%
12.4%
12.4%
13.8%
13.8%
0.7%
0.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
10.0%
10.0%
33.5%
33.5%
41.6%
41.6%
11.5%
11.5%
1.8%
1.8%
0% 100.0%
% of Homes