Lake City, SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake City, SC Real Estate Data


Lake City Housing Market Information

With 6,788 people, 2,525 houses or apartments, and a median cost of homes of $67,315, house prices in Lake City are some of the most affordable in South Carolina as well as the nation.

Single-family detached homes are the single most common housing type in Lake City, accounting for 70.02% 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 ( 13.41%), mobile homes or trailers ( 13.03%), and a few large apartment complexes or high rise apartments ( 2.86%).

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 51.84% owning and 48.16% renting.

There is a lot of housing in Lake City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake City built between 1940-1969 ( 38.52%). A lesser amount of the housing stock also hails from before 1939 ( 14.80%). There's also some housing in Lake City built between 2000 and later ( 3.27%).

Vacant housing appears to be an issue in Lake City. Fully 14.09% 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

Real estate appreciation rates in Lake City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.51% during the period.

Over the last year, Lake City appreciation rates have trailed the rest of the nation. In the last twelve months, Lake City's appreciation rate has been -1.24%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake City were at 2.06%, which equates to an annual appreciation rate of 8.48%.

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

Average Home Values

 

Median Home Value:
$67,315

Lake City, SC HOME PRICES

Value Range
> $1,017,000 0.0
$763,001 - $1,017,000 0.0
$509,001 - $763,000 1.0
$407,001 - $509,000 1.3
$305,001 - $407,000 4.4
$204,001 - $305,000 3.6
$102,001 - $204,000 18.4
$51,001 - $102,000 36.5
$0 - $51,000 34.6

Very Low for SC
Very Low for Nation

Value Relative to Nation Value Relative to State
96.5450606078351 90.7063197026022

Number Of Homes And Apartments:
2,525

Rent & Ownership

 

Average Market Rent:
$572 / per month

Homeownership Rate

Homeownership
Owners 51.84
Renters 48.16
Vacant 14.09

Housing Market Details

 

Age of Homes

AGE OF Lake City HOMES
2000 or Newer 3.3
1970 - 1999 43.4
1940 - 1969 38.5
1939 or Older 14.8

Types of Homes

TYPE OF Lake City HOMES
Single-Family 70.0
Townhomes 0.7
Small Apt. Buildings 13.4
Apt. Complexes 2.9
Mobile Homes 13.0
Other 0.0

Home Size

SIZE OF Lake City HOMES
No Bedroom 0.88
1 Bedroom 8.37
2 Bedrooms 22.42
3 Bedrooms 54.03
4 Bedrooms 12.73
5 or more bedrooms 1.57

Lake City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
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
10.95% 0.61% 1 1
* 10 is highest

Popular Neighborhoods in Lake City

Zip Codes in Lake City, SC