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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 59,265, 22,118 total housing units (homes and apartments), and a median house value of $133,872, house prices in Lancaster are solidly below the national average.
Row houses and other attached homes are the single most common housing type in Lancaster, accounting for 48.30% 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 ( 19.81%), large apartment complexes or high rise apartments ( 19.21%), and a few single-family detached homes ( 12.49%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in Lancaster primarily live in small (one, two or no bedroom) row houses and other attached homes. Lancaster has a mixture of owner-occupied and renter-occupied housing.
The housing in Lancaster was primarily built before 1939 ( 57.99%), making the housing stock in Lancaster some of the oldest overall in America, although there is a range of ages of homes in Lancaster. The next most important housing age is between 1940-1969 ( 26.46%), followed by between 1970-1999 ( 12.45%). There's also some housing in Lancaster built between 2000 and later ( 3.10%).
Appreciation rates for homes in Lancaster have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 33.45%, which ranks in the top 40% nationwide. This equates to an annual average Lancaster house appreciation rate of 2.93%.
NeighborhoodScout's data show that during the latest twelve months, Lancaster's appreciation rate, at 3.85%, has been at or slightly above the national average. In the latest quarter, Lancaster's appreciation rate has been 0.53%, which annualizes to a rate of 2.13%.
Notably, Lancaster's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Pennsylvania, our data show that Lancaster's latest annual appreciation rate is lower than 60% of the other cities and towns in Pennsylvania.
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.
Low for Nation
Low for PA