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 about Scout's Real Estate Data
With 3,008 people, 1,017 houses or apartments, and a median cost of homes of $291,420, Lakeland real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Lakeland, accounting for 67.43% of the city's housing units. Other types of housing that are prevalent in Lakeland include mobile homes or trailers ( 25.20%), large apartment complexes or high rise apartments ( 4.91%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.46%).
The most prevalent building size and type in Lakeland are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 36.91% owning and 63.09% renting.
There is a lot of housing in Lakeland 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 Lakeland built before 1939 ( 20.70%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.38%). There's also some housing in Lakeland built between 2000 and later ( 15.71%).
Vacant housing appears to be an issue in Lakeland. Fully 16.78% of the housing stock is classified as vacant. Left unchecked, vacant Lakeland homes and apartments can be a drag on the real estate market, holding Lakeland 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 Lakeland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 104.79%, which ranks in the top 40% nationwide. This equates to an annual average Lakeland house appreciation rate of 7.43%.
NeighborhoodScout's data show that during the latest twelve months, Lakeland's appreciation rate, at 8.32%, has been at or slightly above the national average. In the latest quarter, Lakeland's appreciation rate has been 9.01%, which annualizes to a rate of 41.19%.
Importantly, this makes Lakeland 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 Georgia, our data show that Lakeland's latest annual appreciation rate is higher than 80% of the other cities and towns in Georgia.
$291,420
for Georgia
for nation
1,017
$1,303 / per month