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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Lake City, SC Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Lake City, SC Housing Market Trends

With a population of 5,996, 2,426 total housing units (homes and apartments), and a median house value of $161,672, 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 65.87% 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 ( 15.03%), large apartment complexes or high rise apartments ( 11.93%), and a few mobile homes or trailers ( 6.12%).

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 44.18% owning and 55.82% 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 40.85% of the city's housing hails from this era. Other housing ages represented in Lake City include homes built between 1970-1999 ( 39.67%) and housing constructed between 2000 and later ( 14.09%). There's also some housing in Lake City built before 1939 ( 5.39%).

Vacant housing appears to be an issue in Lake City. Fully 15.59% 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

Lake City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lake City during the period has been just 4.76%, which is lower than 80% of US communities.

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 3.35%, 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 2.08%, which equates to an annual appreciation rate of 8.58%.

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

$161,672

Lake City, SC Home Prices
> $1,351,000
$1,014,001 - $1,351,000
$676,001 - $1,014,000
$541,001 - $676,000
$406,001 - $541,000
$270,001 - $406,000
$135,001 - $270,000
$67,001 - $135,000
$0 - $67,000
0.0%
0.0%
0.0%
0.0%
0.6%
0.6%
1.4%
1.4%
6.0%
6.0%
11.8%
11.8%
34.5%
34.5%
27.0%
27.0%
18.7%
18.7%
0% 100.0%
% of Homes
Low

for South carolina

Very Low

for nation

Number of Homes And Apartments:

2,426

Lake City Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,110 / per month

Homeownership Rate

Owners
Renters
44.2%
44.2%
55.8%
55.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
15.6%
15.6%
84.4%
84.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.1%
14.1%
39.7%
39.7%
40.8%
40.8%
5.4%
5.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
65.9%
65.9%
1.0%
1.0%
15.0%
15.0%
11.9%
11.9%
6.1%
6.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
13.3%
13.3%
2.9%
2.9%
26.9%
26.9%
39.9%
39.9%
12.7%
12.7%
4.3%
4.3%
0% 100.0%
% of Homes

Popular Neighborhoods in Lake City

Zip Codes in Lake City, SC