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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 8,956, 3,333 total housing units (homes and apartments), and a median house value of $96,439, house prices in Lancaster are solidly below the national average.
Single-family detached homes are the single most common housing type in Lancaster, accounting for 74.69% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 13.72%), duplexes, homes converted to apartments or other small apartment buildings ( 9.43%), and a few row houses and other attached homes ( 1.40%).
The most prevalent building size and type in Lancaster are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 47.34% owning and 52.66% 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. Lancaster's housing was primarily built during this period, from the '40s through the '60s. A full 49.05% of the city's housing hails from this era. Other housing ages represented in Lancaster include homes built between 1970-1999 ( 33.65%) and housing constructed between 2000 and later ( 9.50%). There's also some housing in Lancaster built before 1939 ( 7.80%).
Vacant housing appears to be an issue in Lancaster. Fully 15.30% of the housing stock is classified as vacant. Left unchecked, vacant Lancaster homes and apartments can be a drag on the real estate market, holding Lancaster 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.
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 0.37%, which ranks in the top 50% nationwide. This equates to an annual average Lancaster house appreciation rate of 0.04%.
NeighborhoodScout's data show that during the latest twelve months, Lancaster's appreciation rate, at 5.31%, has been at or slightly above the national average. In the latest quarter, Lancaster's appreciation rate has been 1.88%, which annualizes to a rate of 7.72%.
Importantly, this makes Lancaster one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to South Carolina, our data show that Lancaster's latest annual appreciation rate is higher than 60% of the other cities and towns in South Carolina.
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.
|$839,001 - $1,119,000||0.0|
|$559,001 - $839,000||0.3|
|$448,001 - $559,000||0.3|
|$335,001 - $448,000||1.2|
|$223,001 - $335,000||5.5|
|$112,001 - $223,000||35.0|
|$56,001 - $112,000||37.7|
|$0 - $56,000||19.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Lancaster HOMES|
|2000 or Newer||9.5|
|1970 - 1999||33.6|
|1940 - 1969||49.0|
|1939 or Older||7.8|
|TYPE OF Lancaster HOMES|
|Small Apt. Buildings||9.4|
|SIZE OF Lancaster HOMES|
|5 or more bedrooms||1.22|