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 a population of 7,457, 1,991 total housing units (homes and apartments), and a median house value of $354,186, Lexington real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Lexington, accounting for 64.51% of the city's housing units. Other types of housing that are prevalent in Lexington include duplexes, homes converted to apartments or other small apartment buildings ( 18.34%), large apartment complexes or high rise apartments ( 14.06%), and a few row houses and other attached homes ( 3.09%).
Lexington is dominated by renter-occupied one, two, or no bedrooms apartments. 69.93% of Lexington's dwellings are rentals.
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. Lexington's housing was primarily built during this period, from the '40s through the '60s. A full 44.48% of the city's housing hails from this era. Other housing ages represented in Lexington include homes built before 1939 ( 31.56%) and housing constructed between 1970-1999 ( 20.63%). There's also some housing in Lexington built between 2000 and later ( 3.33%).
Vacant housing appears to be an issue in Lexington. Fully 21.15% of the housing stock is classified as vacant. Left unchecked, vacant Lexington homes and apartments can be a drag on the real estate market, holding Lexington 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Lexington, where house values have increased just 34.55%, which is annualized rate of 3.01%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Lexington appreciation rates have trailed the rest of the nation. In the last twelve months, Lexington's appreciation rate has been 4.03%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lexington were at 2.32%, which equates to an annual appreciation rate of 9.63%.
Relative to Virginia, our data show that Lexington's latest annual appreciation rate is lower than 80% of the other cities and towns in Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lexington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lexington - 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 Lexington real estate investment or home purchase decisions.
$354,186
for Virginia
for nation
1,991
$1,961 / per month