Is Lancaster, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Lancaster has remained a Seller's Market.
Key Takeaway
Lancaster is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lancaster, NY
How much do homes in Lancaster, NY cost?
Median Sold Price
$320,333
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lancaster have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Lancaster was $320,333 in April 2024, up 3.8% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $55K | N/A |
| 2 Bedrooms | $220K | $260K | +18.2% |
| 3 Bedrooms | $279.5K | $312K | +11.6% |
| 4 Bedrooms | $416K | $405K | -2.6% |
| 5+ Bedrooms | $697.5K | $275K | -60.6% |
Summary: Lancaster housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 11.6%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes decreased by 60.6%.
Median Sold Price Compared To Nearby Cities
| Depew | $224.9K | $240K | +6.7% |
| Lancaster | $308.6K | $320.3K | +3.8% |
Housing Supply in Lancaster, NY
How many homes are available in Lancaster, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 73 | 79 | +8.2% |
Summary: The Lancaster real estate market had 79 homes for sale in April 2024, a 8.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 15 | 15 | 0.0% |
| 3 Bedrooms | 30 | 38 | +26.7% |
| 4 Bedrooms | 24 | 22 | -8.3% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Lancaster housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 26.7%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 22 | +100.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Lancaster in April 2024, up by 100.0% month-over-month. Of the 22 sold homes, 32% were sold under asking, 14% were sold at asking, and 55% were sold over asking.
Days on Market for Lancaster, NY
How long does it take to sell a home in Lancaster, NY?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 42 Days | 32 Days | -22.0% |
Summary: Homes in Lancaster had an average of 32 days on market in Apr 2024, down by 22% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lancaster are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 22 homes were sold in Lancaster; 68% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
