Lancaster, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Lancaster Neighborhoods Since 2000




Lancaster, PA Real Estate Data


Lancaster Housing Market Information

With a population of 59,339, 21,825 total housing units (homes and apartments), and a median house value of $121,451, 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 45.57% 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 ( 22.52%), large apartment complexes or high rise apartments ( 17.90%), and a few single-family detached homes ( 13.84%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and 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 ( 61.69%), 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 ( 25.14%), followed by between 1970-1999 ( 10.22%). There's also some housing in Lancaster built between 2000 and later ( 2.94%).

Lancaster Home Appreciation Rates

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 4.65%, which ranks in the top 50% nationwide. This equates to an annual average Lancaster house appreciation rate of 0.46%.

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 4.27%, 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 3.22%, which equates to an annual appreciation rate of 13.53%.

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 Pennsylvania, our data show that Lancaster's latest annual appreciation rate is higher than 50% 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.

Average Home Values

 

Median Home Value:
$121,451

Lancaster, PA HOME PRICES

Value Range
> $1,088,000 0.1
$816,001 - $1,088,000 0.3
$544,001 - $816,000 0.7
$435,001 - $544,000 0.5
$326,001 - $435,000 2.2
$218,001 - $326,000 8.3
$109,001 - $218,000 39.9
$54,001 - $109,000 43.5
$0 - $54,000 4.5

Low for PA
Low for Nation

Value Relative to Nation Value Relative to State
65.4769573110031 63.4782608695652

Number Of Homes And Apartments:
21,825

Rent & Ownership

 

Average Market Rent:
$796 / per month

Homeownership Rate

Homeownership
Owners 39.83
Renters 60.17
Vacant 9.18

Housing Market Details

 

Age of Homes

AGE OF Lancaster HOMES
2000 or Newer 2.9
1970 - 1999 10.2
1940 - 1969 25.1
1939 or Older 61.7

Types of Homes

TYPE OF Lancaster HOMES
Single-Family 13.8
Townhomes 45.6
Small Apt. Buildings 22.5
Apt. Complexes 17.9
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Lancaster HOMES
No Bedroom 3.91
1 Bedroom 22.58
2 Bedrooms 24.18
3 Bedrooms 32.17
4 Bedrooms 11.43
5 or more bedrooms 5.73

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
49.62% 2.40% 6 6
* 10 is highest