Lancaster, PA 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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Lancaster Housing Market Information

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%).

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 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.

Average Home Values

 
info

Median Home Value:
$133,872

Lancaster, PA HOME PRICES

> $1,219,000
0.2%
0.2%
$915,001 - $1,219,000
0.1%
0.1%
$610,001 - $915,000
1.3%
1.3%
$488,001 - $610,000
1.1%
1.1%
$366,001 - $488,000
3.0%
3.0%
$244,001 - $366,000
9.5%
9.5%
$122,001 - $244,000
40.7%
40.7%
$61,001 - $122,000
38.8%
38.8%
$0 - $61,000
5.4%
5.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for PA

Value Relative To Nation

Number Of Homes And Apartments:
22,118

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
87.19% 3.07%
9
7
* 10 is highest

Rent & Ownership

 
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Average Market Rent:
$1,038 / per month

Homeownership Rate

Owners
41.5%
41.5%
Renters
58.5%
58.5%
Vacant
8.0%
8.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
3.1%
3.1%
1970 - 1999
12.4%
12.4%
1940 - 1969
26.5%
26.5%
1939 or Older
58.0%
58.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
12.5%
12.5%
Townhomes
48.3%
48.3%
Small Apt. Buildings
19.8%
19.8%
Apt. Complexes
19.2%
19.2%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.5%
4.5%
1 Bedroom
18.3%
18.3%
2 Bedrooms
26.0%
26.0%
3 Bedrooms
34.0%
34.0%
4 Bedrooms
12.3%
12.3%
5 or more bedrooms
5.0%
5.0%
0.0% 100.0%
% OF HOMES