Lexington, TN 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

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

Lexington, TN Housing Market Trends

With 7,956 people, 2,901 houses or apartments, and a median cost of homes of $157,435, house prices in Lexington are solidly below the national average.

Single-family detached homes are the single most common housing type in Lexington, accounting for 62.49% of the city's housing units. Other types of housing that are prevalent in Lexington include duplexes, homes converted to apartments or other small apartment buildings ( 19.73%), mobile homes or trailers ( 10.09%), and a few large apartment complexes or high rise apartments ( 6.32%).

The most prevalent building size and type in Lexington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.79% owning and 46.21% renting.

There is a lot of housing in Lexington 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 Lexington built between 1940-1969 ( 25.76%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.42%). There's also some housing in Lexington built before 1939 ( 2.34%).

Vacant housing appears to be an issue in Lexington. Fully 13.92% of the housing stock is classified as vacant. Left unchecked, vacant Lexington homes and apartments can be a drag on the real estate market, holding Lexington 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.

Lexington Home Appreciation Rates

Real estate appreciation rates in Lexington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 4.69% during the period.

Appreciation rates are so strong in Lexington that despite a nationwide downturn in the housing market, Lexington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lexington appreciation rates continue to be some of the highest in America, at 23.77%, which is higher than appreciation rates in 88.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lexington. Lexington appreciation rates in the latest quarter were at 9.16%, which equates to an annual appreciation rate of 41.99%.

Importantly, this makes Lexington 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 Tennessee, our data show that Lexington's latest annual appreciation rate is higher than 60% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$157,435

Lexington, TN HOME PRICES

> $1,392,000
$1,044,001 - $1,392,000
$696,001 - $1,044,000
$557,001 - $696,000
$418,001 - $557,000
$279,001 - $418,000
$139,001 - $279,000
$70,001 - $139,000
$0 - $70,000
0.0%
0.0%
0.5%
0.5%
1.4%
1.4%
0.5%
0.5%
2.3%
2.3%
9.4%
9.4%
48.9%
48.9%
28.9%
28.9%
8.2%
8.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for TN

Value Relative To Nation

Number Of Homes And Apartments:
2,901

Lexington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
83.77% 2.80%
2
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,030 / per month

Homeownership Rate

Owners
Renters
Vacant
53.8%
53.8%
46.2%
46.2%
13.9%
13.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.4%
10.4%
61.5%
61.5%
25.8%
25.8%
2.3%
2.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
62.5%
62.5%
1.4%
1.4%
19.7%
19.7%
6.3%
6.3%
10.1%
10.1%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
6.3%
6.3%
29.0%
29.0%
50.8%
50.8%
12.5%
12.5%
1.1%
1.1%
0.0% 100.0%
% OF HOMES

Zip Codes in Lexington, TN