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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.



Lakeland, TN 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

Lakeland, TN Housing Market Trends

With 13,772 people, 5,148 houses or apartments, and a median cost of homes of $594,054, Lakeland house prices are not only among the most expensive in Tennessee, Lakeland real estate also is some of the most expensive in all of America.

Lakeland is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Lakeland than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lakeland. Owner-occupied housing accounts for 80.75% of Lakeland's homes, and 77.51% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Lakeland 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 Lakeland built between 2000 and later ( 41.24%). A lesser amount of the housing stock also hails from between 1940-1969 ( 3.42%).

Lakeland Home Appreciation Rates

Appreciation rates for homes in Lakeland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.12%, which ranks in the top 40% nationwide. This equates to an annual average Lakeland house appreciation rate of 6.86%.

Over the last year, Lakeland appreciation rates have trailed the rest of the nation. In the last twelve months, Lakeland's appreciation rate has been 2.49%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lakeland were at -1.15%, which equates to an annual appreciation rate of -4.52%.

Notably, Lakeland's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Tennessee, our data show that Lakeland's latest annual appreciation rate is lower than 80% of the other cities and towns in Tennessee.

Average Home Values

Median Home Value

$594,054

Lakeland, TN Home Prices
> $1,370,000
$1,027,001 - $1,370,000
$684,001 - $1,027,000
$548,001 - $684,000
$411,001 - $548,000
$274,001 - $411,000
$137,001 - $274,000
$68,001 - $137,000
$0 - $68,000
1.6%
1.6%
0.9%
0.9%
20.5%
20.5%
19.4%
19.4%
19.8%
19.8%
26.5%
26.5%
9.0%
9.0%
0.5%
0.5%
1.8%
1.8%
0% 100.0%
% of Homes
Very High

for Tennessee

Very High

for nation

Number of Homes And Apartments:

5,148

Lakeland Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,810 / per month

Homeownership Rate

Owners
Renters
80.7%
80.7%
19.3%
19.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
0.0%
0.0%
100.0%
100.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
41.2%
41.2%
54.7%
54.7%
3.4%
3.4%
0.7%
0.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
85.7%
85.7%
1.6%
1.6%
0.4%
0.4%
10.6%
10.6%
1.4%
1.4%
0.3%
0.3%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
1.6%
1.6%
10.0%
10.0%
38.1%
38.1%
39.4%
39.4%
10.9%
10.9%
0% 100.0%
% of Homes

Popular Neighborhoods in Lakeland

Zip Codes in Lakeland, TN