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 7,952 people, 2,776 houses or apartments, and a median cost of homes of $214,985, house prices in Lexington are solidly below the national average.
Single-family detached homes are the single most common housing type in Lexington, accounting for 70.19% 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 ( 18.46%), mobile homes or trailers ( 7.01%), and a few large apartment complexes or high rise apartments ( 3.81%).
The most prevalent building size and type in Lexington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.42% owning and 46.58% renting.
There is a lot of housing in Lexington 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 Lexington built between 1940-1969 ( 27.04%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.23%). There's also some housing in Lexington built before 1939 ( 3.74%).
Vacant housing appears to be an issue in Lexington. Fully 12.70% 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.
Appreciation rates for homes in Lexington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 97.91%, which ranks in the top 40% nationwide. This equates to an annual average Lexington house appreciation rate of 7.06%.
Appreciation rates are so strong in Lexington that despite a nationwide downturn in the housing market, Lexington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lexington appreciation rates continue to be some of the highest in America, at 8.82%, which is higher than appreciation rates in 79.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lexington. Lexington appreciation rates in the latest quarter were at 2.75%, which equates to an annual appreciation rate of 11.45%.
Relative to Tennessee, our data show that Lexington's latest annual appreciation rate is higher than 80% of the other cities and towns in Tennessee.
$214,985
for Tennessee
for nation
2,776
$1,285 / per month