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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, PA 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, PA Housing Market Trends

With 57,453 people, 21,234 houses or apartments, and a median cost of homes of $268,904, Lancaster real estate and house prices are near the national average for all cities and towns.

Row houses and other attached homes are the single most common housing type in Lancaster, accounting for 52.48% of the city's housing units. Other types of housing that are prevalent in Lancaster include large apartment complexes or high rise apartments ( 17.93%), duplexes, homes converted to apartments or other small apartment buildings ( 17.04%), and a few single-family detached homes ( 12.27%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

The most prevalent building size and type in Lancaster are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 43.70% owning and 56.30% renting.

The housing in Lancaster was primarily built before 1939 ( 51.08%), making the housing stock in Lancaster some of the oldest overall in America, although there is a range of ages of homes in Lancaster. The next most important housing age is between 1940-1969 ( 28.37%), followed by between 1970-1999 ( 16.01%). There's also some housing in Lancaster built between 2000 and later ( 4.53%).

Lancaster Home Appreciation Rates

In the last 10 years, Lancaster has experienced some of the highest home appreciation rates of any community in the nation. Lancaster real estate appreciated 110.97% over the last ten years, which is an average annual home appreciation rate of 7.75%, putting Lancaster in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lancaster definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 8.46%, which is higher than appreciation rates in 88.71% 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 -1.10%, which equates to an annual appreciation rate of -4.34%.

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

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

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

$268,904

Lancaster, PA Home Prices
> $1,473,000
$1,105,001 - $1,473,000
$737,001 - $1,105,000
$590,001 - $737,000
$442,001 - $590,000
$295,001 - $442,000
$148,001 - $295,000
$74,001 - $148,000
$0 - $74,000
0.7%
0.7%
0.4%
0.4%
2.8%
2.8%
3.4%
3.4%
5.8%
5.8%
28.2%
28.2%
43.7%
43.7%
13.2%
13.2%
1.7%
1.7%
0% 100.0%
% of Homes
High

for Pennsylvania

Average

for nation

Number of Homes And Apartments:

21,234

Lancaster Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,662 / per month

Homeownership Rate

Owners
Renters
43.7%
43.7%
56.3%
56.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.3%
5.3%
94.7%
94.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.5%
4.5%
16.0%
16.0%
28.4%
28.4%
51.1%
51.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
12.3%
12.3%
52.5%
52.5%
17.0%
17.0%
17.9%
17.9%
0.3%
0.3%
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
4.9%
4.9%
18.0%
18.0%
23.7%
23.7%
33.5%
33.5%
14.8%
14.8%
5.2%
5.2%
0% 100.0%
% of Homes