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 7,262, 1,638 total housing units (homes and apartments), and a median house value of $245,608, Lexington real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Lexington, accounting for 61.90% 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 ( 19.10%), large apartment complexes or high rise apartments ( 14.76%), and a few row houses and other attached homes ( 3.66%).
Renters dominate Lexington's housing market, and most live in three of four bedroom dwellings, chiefly found in single-family detached homes.
The housing in Lexington was primarily built before 1939 ( 34.07%), making the housing stock in Lexington some of the oldest overall in America, although there is a range of ages of homes in Lexington. The next most important housing age is between 1940-1969 ( 33.86%), followed by between 1970-1999 ( 23.55%). There's also some housing in Lexington built between 2000 and later ( 8.53%).
Vacant housing appears to be an issue in Lexington. Fully 14.29% 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'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 -1.61%, which is lower than 80% of US communities.
Over the last year, Lexington appreciation rates have trailed the rest of the nation. In the last twelve months, Lexington's appreciation rate has been -5.32%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lexington were at -1.60%, which equates to an annual appreciation rate of -6.23%.
Notably, Lexington's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Virginia, our data show that Lexington's latest annual appreciation rate is lower than 90% of the other cities and towns in Virginia.
|$718,001 - $958,000||0.1|
|$479,001 - $718,000||6.0|
|$383,001 - $479,000||13.9|
|$287,001 - $383,000||15.9|
|$192,001 - $287,000||29.3|
|$96,001 - $192,000||21.0|
|$48,001 - $96,000||12.3|
|$0 - $48,000||1.5|
|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 Lexington HOMES|
|2000 or Newer||8.5|
|1970 - 1999||23.5|
|1940 - 1969||33.9|
|1939 or Older||34.1|
|TYPE OF Lexington HOMES|
|Small Apt. Buildings||19.1|
|SIZE OF Lexington HOMES|
|5 or more bedrooms||1.78|