Lake Mary, FL Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lake Mary, FL Housing Market Trends

With 17,479 people, 6,210 houses or apartments, and a median cost of homes of $421,355, real estate costs in Lake Mary are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Florida communities.

Single-family detached homes are the single most common housing type in Lake Mary, accounting for 67.93% of the city's housing units. Other types of housing that are prevalent in Lake Mary include large apartment complexes or high rise apartments ( 14.99%), row houses and other attached homes ( 7.25%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.06%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Mary. Owner-occupied housing accounts for 71.50% of Lake Mary's homes, and 66.97% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Lake Mary 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 Lake Mary built between 2000 and later ( 30.59%). A lesser amount of the housing stock also hails from between 1940-1969 ( 5.58%).

Vacant housing appears to be an issue in Lake Mary. Fully 10.00% of the housing stock is classified as vacant. Left unchecked, vacant Lake Mary homes and apartments can be a drag on the real estate market, holding Lake Mary 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.

Lake Mary Home Appreciation Rates

In the last 10 years, Lake Mary has experienced some of the highest home appreciation rates of any community in the nation. Lake Mary real estate appreciated 80.79% over the last ten years, which is an average annual home appreciation rate of 6.10%, putting Lake Mary in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lake Mary 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, Lake Mary appreciation rates have trailed the rest of the nation. In the last twelve months, Lake Mary's appreciation rate has been 7.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake Mary were at 3.13%, which equates to an annual appreciation rate of 13.10%.

Relative to Florida, our data show that Lake Mary's latest annual appreciation rate is lower than 90% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lake Mary differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Mary - 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 Lake Mary real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$421,355

Lake Mary, FL HOME PRICES

> $1,276,000
0.1%
0.1%
$957,001 - $1,276,000
0.4%
0.4%
$638,001 - $957,000
4.4%
4.4%
$510,001 - $638,000
17.1%
17.1%
$383,001 - $510,000
26.6%
26.6%
$255,001 - $383,000
25.3%
25.3%
$127,001 - $255,000
16.7%
16.7%
$64,001 - $127,000
7.3%
7.3%
$0 - $64,000
2.0%
2.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for FL

Value Relative To Nation

Number Of Homes And Apartments:
6,210

Lake Mary Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
106.28% 3.43%
2
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,505 / per month

Homeownership Rate

Owners
71.5%
71.5%
Renters
28.5%
28.5%
Vacant
10.0%
10.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
30.6%
30.6%
1970 - 1999
63.8%
63.8%
1940 - 1969
5.6%
5.6%
1939 or Older
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.9%
67.9%
Townhomes
7.2%
7.2%
Small Apt. Buildings
6.1%
6.1%
Apt. Complexes
15.0%
15.0%
Mobile Homes
3.8%
3.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.2%
1.2%
1 Bedroom
7.0%
7.0%
2 Bedrooms
19.7%
19.7%
3 Bedrooms
29.3%
29.3%
4 Bedrooms
37.7%
37.7%
5 or more bedrooms
5.1%
5.1%
0.0% 100.0%
% OF HOMES