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 40,449 people, 14,052 houses or apartments, and a median cost of homes of $272,641, Lancaster 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 Lancaster, accounting for 75.07% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 15.50%), duplexes, homes converted to apartments or other small apartment buildings ( 3.98%), and a few row houses and other attached homes ( 3.82%).
The most prevalent building size and type in Lancaster are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.30% owning and 36.70% renting.
There is a lot of housing in Lancaster 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 Lancaster built between 2000 and later ( 30.35%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.75%). There's also some housing in Lancaster built before 1939 ( 1.15%).
In the last 10 years, Lancaster has experienced some of the highest home appreciation rates of any community in the nation. Lancaster real estate appreciated 137.69% over the last ten years, which is an average annual home appreciation rate of 9.04%, putting Lancaster in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lancaster 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, Lancaster appreciation rates have trailed the rest of the nation. In the last twelve months, Lancaster's appreciation rate has been 2.53%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lancaster were at 1.89%, which equates to an annual appreciation rate of 7.76%.
Relative to Texas, our data show that Lancaster's latest annual appreciation rate is lower than 70% of the other cities and towns in Texas.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lancaster differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lancaster - 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 Lancaster real estate investment or home purchase decisions.
$272,641
for Texas
for nation
14,052
$2,418 / per month