Lancaster, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Lancaster Neighborhoods Since 2000




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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Lancaster Housing Market Information

With 59,339 people, 21,356 houses or apartments, and a median cost of homes of $116,398, 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 47.02% 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 ( 21.73%), large apartment complexes or high rise apartments ( 17.67%), and a few single-family detached homes ( 13.32%). 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 ( 61.72%), 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 ( 24.96%), followed by between 1970-1999 ( 10.54%). There's also some housing in Lancaster built between 2000 and later ( 2.78%).

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 5.40%, which ranks in the top 40% nationwide. This equates to an annual average Lancaster house appreciation rate of 0.53%.

Appreciation rates are so strong in Lancaster that despite a nationwide downturn in the housing market, Lancaster real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lancaster appreciation rates continue to be some of the highest in America, at 8.37%, which is higher than appreciation rates in 88.39% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lancaster. Lancaster appreciation rates in the latest quarter were at 0.61%, which equates to an annual appreciation rate of 2.48%.

Relative to Pennsylvania, our data show that Lancaster's latest annual appreciation rate is higher than 90% 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:
$116,398

Lancaster, PA HOME PRICES

Value Range
> $1,100,000 0.1
$825,001 - $1,100,000 0.1
$550,001 - $825,000 0.8
$440,001 - $550,000 0.8
$330,001 - $440,000 2.8
$220,001 - $330,000 7.1
$110,001 - $220,000 39.9
$55,001 - $110,000 42.6
$0 - $55,000 5.7

Low for PA
Low for Nation

Value Relative to Nation Value Relative to State
67.4674791984062 64.6376811594203

Number Of Homes And Apartments:
21,356

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
51.94% 2.45% 7 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$935 / per month

Homeownership Rate

Homeownership
Owners 40.17
Renters 59.83
Vacant 8.65

Housing Market Details

 

Age of Homes

AGE OF Lancaster HOMES
2000 or Newer 2.8
1970 - 1999 10.5
1940 - 1969 25.0
1939 or Older 61.7

Types of Homes

TYPE OF Lancaster HOMES
Single-Family 13.3
Townhomes 47.0
Small Apt. Buildings 21.7
Apt. Complexes 17.7
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Lancaster HOMES
No Bedroom 4.21
1 Bedroom 21.36
2 Bedrooms 24.31
3 Bedrooms 33.41
4 Bedrooms 10.91
5 or more bedrooms 5.80