Lexington, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Lexington Neighborhoods Since 2000




Lexington, VA 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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Lexington Housing Market Information

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 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 -1.61%, 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.

Average Home Values

 

Median Home Value:
$245,608

Lexington, VA HOME PRICES

Value Range
> $958,000 0.0
$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

High for VA
High for Nation

Value Relative to Nation Value Relative to State
23.2040314074769 30.1939058171745

Number Of Homes And Apartments:
1,638

Lexington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
27.06% 1.40% 1 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$922 / per month

Homeownership Rate

Homeownership
Owners 27.21
Renters 72.79
Vacant 14.29

Housing Market Details

 

Age of Homes

AGE OF Lexington HOMES
2000 or Newer 8.5
1970 - 1999 23.5
1940 - 1969 33.9
1939 or Older 34.1

Types of Homes

TYPE OF Lexington HOMES
Single-Family 61.9
Townhomes 3.7
Small Apt. Buildings 19.1
Apt. Complexes 14.8
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Lexington HOMES
No Bedroom 2.88
1 Bedroom 19.62
2 Bedrooms 23.60
3 Bedrooms 26.16
4 Bedrooms 25.95
5 or more bedrooms 1.78

Popular Communities Near Lexington, VA

Zip Codes in Lexington, VA