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 a population of 87,954, 30,330 total housing units (homes and apartments), and a median house value of $515,893, Lawrence real estate prices are well above average cost compared to national prices.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Lawrence, accounting for 45.95% of the city's housing units. Other types of housing that are prevalent in Lawrence include large apartment complexes or high rise apartments ( 26.89%), single-family detached homes ( 19.16%), and a few row houses and other attached homes ( 7.70%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
Lawrence is dominated by renter-occupied one, two, or no bedrooms apartments. 70.45% of Lawrence's dwellings are rentals.
The housing in Lawrence was primarily built before 1939 ( 48.03%), making the housing stock in Lawrence some of the oldest overall in America, although there is a range of ages of homes in Lawrence. The next most important housing age is between 1940-1969 ( 21.96%), followed by between 1970-1999 ( 21.36%). There's also some housing in Lawrence built between 2000 and later ( 8.64%).
In the last 10 years, Lawrence has experienced some of the highest home appreciation rates of any community in the nation. Lawrence real estate appreciated 146.63% over the last ten years, which is an average annual home appreciation rate of 9.45%, putting Lawrence in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lawrence definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Lawrence appreciation rates have trailed the rest of the nation. In the last twelve months, Lawrence's appreciation rate has been 4.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lawrence were at 2.38%, which equates to an annual appreciation rate of 9.87%.
Relative to Massachusetts, our data show that Lawrence's latest annual appreciation rate is lower than 90% of the other cities and towns in Massachusetts.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lawrence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lawrence - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lawrence real estate investment or home purchase decisions.
$515,893
for Massachusetts
for nation
30,330
$3,290 / per month