Lancaster, NY 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

Lancaster, NY Housing Market Trends

With 10,109 people, 4,713 houses or apartments, and a median cost of homes of $162,037, house prices in Lancaster are solidly below the national average.

Single-family detached homes are the single most common housing type in Lancaster, accounting for 65.89% of the village's housing units. Other types of housing that are prevalent in Lancaster include duplexes, homes converted to apartments or other small apartment buildings ( 22.29%), large apartment complexes or high rise apartments ( 9.08%), and a few row houses and other attached homes ( 2.42%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lancaster. Owner-occupied housing accounts for 70.40% of Lancaster's homes, and 59.35% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lancaster's housing was primarily built during this period, from the '40s through the '60s. A full 47.69% of the village's housing hails from this era. Other housing ages represented in Lancaster include homes built before 1939 ( 33.33%) and housing constructed between 1970-1999 ( 18.72%).

Lancaster Home Appreciation Rates

Appreciation rates for homes in Lancaster have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 43.79%, which ranks in the top 50% nationwide. This equates to an annual average Lancaster house appreciation rate of 3.70%.

Appreciation rates are so strong in Lancaster that despite a nationwide downturn in the housing market, Lancaster real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lancaster appreciation rates continue to be some of the highest in America, at 12.05%, which is higher than appreciation rates in 84.12% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lancaster. Lancaster appreciation rates in the latest quarter were at 3.96%, which equates to an annual appreciation rate of 16.82%.

Importantly, this makes Lancaster one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to New York, our data show that Lancaster's latest annual appreciation rate is higher than 60% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the village. 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.

Average Home Values

 

Median Home Value:
$162,037

Lancaster, NY HOME PRICES

> $1,232,000
0.0%
0.0%
$924,001 - $1,232,000
0.5%
0.5%
$616,001 - $924,000
0.0%
0.0%
$493,001 - $616,000
0.0%
0.0%
$370,001 - $493,000
0.0%
0.0%
$246,001 - $370,000
5.6%
5.6%
$123,001 - $246,000
72.9%
72.9%
$61,001 - $123,000
18.7%
18.7%
$0 - $61,000
2.3%
2.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for NY

Value Relative To Nation

Number Of Homes And Apartments:
4,713

Lancaster Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
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
83.02% 2.85%
3
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,135 / per month

Homeownership Rate

Owners
70.4%
70.4%
Renters
29.6%
29.6%
Vacant
4.9%
4.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
0.3%
0.3%
1970 - 1999
18.7%
18.7%
1940 - 1969
47.7%
47.7%
1939 or Older
33.3%
33.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.9%
65.9%
Townhomes
2.4%
2.4%
Small Apt. Buildings
22.3%
22.3%
Apt. Complexes
9.1%
9.1%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
9.1%
9.1%
2 Bedrooms
30.7%
30.7%
3 Bedrooms
46.2%
46.2%
4 Bedrooms
13.1%
13.1%
5 or more bedrooms
0.9%
0.9%
0.0% 100.0%
% OF HOMES