Lexington TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Lexington, TN 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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Lexington Housing Market Information

With 7,716 people, 2,925 houses or apartments, and a median cost of homes of $140,648, 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 63.80% 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 ( 22.22%), mobile homes or trailers ( 6.98%), and a few large apartment complexes or high rise apartments ( 4.60%).

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 54.88% owning and 45.12% 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 ( 19.56%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.44%). There's also some housing in Lexington built before 1939 ( 2.20%).

Vacant housing appears to be an issue in Lexington. Fully 16.36% 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

Lexington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lexington during the period has been just 1.42%, which is lower than 70% of US communities.

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 5.40%, which is higher than appreciation rates in 71.43% 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 0.45%, which equates to an annual appreciation rate of 1.81%.

Relative to Tennessee, our data show that Lexington's latest annual appreciation rate is lower than 60% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$140,648

Lexington, TN HOME PRICES

Value Range
> $1,114,000 0.0
$835,001 - $1,114,000 0.4
$557,001 - $835,000 1.2
$446,001 - $557,000 0.5
$334,001 - $446,000 2.2
$222,001 - $334,000 8.8
$112,001 - $222,000 33.3
$56,001 - $112,000 42.5
$0 - $56,000 11.2

Average for TN
Low for Nation

Value Relative to Nation Value Relative to State
65.5240875912409 56.8877551020408

Number Of Homes And Apartments:
2,925

Lexington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
34.37% 1.45%
1
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$875 / per month

Homeownership Rate

Homeownership
Owners 54.88
Renters 45.12
Vacant 16.36

Housing Market Details

 

Age of Homes

AGE OF Lexington HOMES
2000 or Newer 9.4
1970 - 1999 68.8
1940 - 1969 19.6
1939 or Older 2.2

Types of Homes

TYPE OF Lexington HOMES
Single-Family 63.8
Townhomes 2.4
Small Apt. Buildings 22.2
Apt. Complexes 4.6
Mobile Homes 7.0
Other 0.0

Home Size

SIZE OF Lexington HOMES
No Bedroom 0.40
1 Bedroom 5.00
2 Bedrooms 34.34
3 Bedrooms 46.27
4 Bedrooms 11.81
5 or more bedrooms 2.17

Popular Communities Near Lexington, TN

Zip Codes in Lexington, TN