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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 a population of 10,111, 4,947 total housing units (homes and apartments), and a median house value of $227,056, 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 60.59% 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 ( 26.05%), large apartment complexes or high rise apartments ( 7.52%), and a few row houses and other attached homes ( 3.73%).

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 72.13% of Lancaster's homes, and 58.52% 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 44.37% of the village's housing hails from this era. Other housing ages represented in Lancaster include homes built before 1939 ( 35.74%) and housing constructed between 1970-1999 ( 18.63%). There's also some housing in Lancaster built between 2000 and later ( 1.27%).

Lancaster Home Appreciation Rates

Real estate appreciation rates in Lancaster's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.08% during the period.

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 7.14%, which is higher than appreciation rates in 75.40% 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 1.32%, which equates to an annual appreciation rate of 5.36%.

Relative to New York, our data show that Lancaster's latest annual appreciation rate is lower 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

$227,056

Lancaster, NY Home Prices
> $1,300,000
$975,001 - $1,300,000
$650,001 - $975,000
$520,001 - $650,000
$390,001 - $520,000
$260,001 - $390,000
$130,001 - $260,000
$65,001 - $130,000
$0 - $65,000
0.7%
0.7%
0.4%
0.4%
0.9%
0.9%
0.0%
0.0%
4.2%
4.2%
25.1%
25.1%
58.1%
58.1%
8.6%
8.6%
2.0%
2.0%
0% 100.0%
% of Homes
Low

for New york

Average

for nation

Number of Homes And Apartments:

4,947

Lancaster Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,456 / per month

Homeownership Rate

Owners
Renters
72.1%
72.1%
27.9%
27.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.9%
4.9%
95.1%
95.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
1.3%
1.3%
18.6%
18.6%
44.4%
44.4%
35.7%
35.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.6%
60.6%
3.7%
3.7%
26.0%
26.0%
7.5%
7.5%
2.1%
2.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.6%
0.6%
6.5%
6.5%
33.5%
33.5%
49.9%
49.9%
8.6%
8.6%
0.9%
0.9%
0% 100.0%
% of Homes