Lake City, SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake City, SC 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

Lake City Housing Market Information

With 6,788 people, 2,414 houses or apartments, and a median cost of homes of $84,303, house prices in Lake City are solidly below the national average.

Single-family detached homes are the single most common housing type in Lake City, accounting for 70.96% of the city's housing units. Other types of housing that are prevalent in Lake City include duplexes, homes converted to apartments or other small apartment buildings ( 13.25%), mobile homes or trailers ( 11.17%), and a few large apartment complexes or high rise apartments ( 4.11%).

The most prevalent building size and type in Lake City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.45% owning and 48.55% 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. Lake City's housing was primarily built during this period, from the '40s through the '60s. A full 43.30% of the city's housing hails from this era. Other housing ages represented in Lake City include homes built between 1970-1999 ( 40.32%) and housing constructed before 1939 ( 11.21%). There's also some housing in Lake City built between 2000 and later ( 5.17%).

Vacant housing appears to be an issue in Lake City. Fully 12.15% of the housing stock is classified as vacant. Left unchecked, vacant Lake City homes and apartments can be a drag on the real estate market, holding Lake City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Lake City Home Appreciation Rates

In the last 10 years, Lake City has experienced some of the highest home appreciation rates of any community in the nation. Lake City real estate appreciated 21.28% over the last ten years, which is an average annual home appreciation rate of 1.95%, putting Lake City in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lake City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Lake City that despite a nationwide downturn in the housing market, Lake City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake City appreciation rates continue to be some of the highest in America, at 21.07%, which is higher than appreciation rates in 99.90% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake City. Lake City appreciation rates in the latest quarter were at -0.44%, which equates to an annual appreciation rate of -1.76%.

Relative to South Carolina, our data show that Lake City's latest annual appreciation rate is higher than 90% of the other cities and towns in South Carolina.

Average Home Values

 

Median Home Value:
$84,303

Lake City, SC HOME PRICES

Value Range
> $1,323,000 0.0
$992,001 - $1,323,000 0.0
$662,001 - $992,000 0.3
$529,001 - $662,000 1.0
$397,001 - $529,000 6.5
$265,001 - $397,000 4.5
$132,001 - $265,000 21.1
$66,001 - $132,000 35.4
$0 - $66,000 31.1

Low for SC
Very Low for Nation

Value Relative to Nation Value Relative to State
87.8237431149654 72.8624535315985

Number Of Homes And Apartments:
2,414

Lake City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
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
46.26% 2.23% 8 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$700 / per month

Homeownership Rate

Homeownership
Owners 51.45
Renters 48.55
Vacant 12.15

Housing Market Details

 

Age of Homes

AGE OF Lake City HOMES
2000 or Newer 5.2
1970 - 1999 40.3
1940 - 1969 43.3
1939 or Older 11.2

Types of Homes

TYPE OF Lake City HOMES
Single-Family 71.0
Townhomes 0.5
Small Apt. Buildings 13.2
Apt. Complexes 4.1
Mobile Homes 11.2
Other 0.0

Home Size

SIZE OF Lake City HOMES
No Bedroom 0.58
1 Bedroom 9.50
2 Bedrooms 19.58
3 Bedrooms 57.02
4 Bedrooms 10.55
5 or more bedrooms 2.77

Popular Neighborhoods in Lake City

Zip Codes in Lake City, SC