Is Lancaster Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Lancaster Township has remained a Seller's Market.
Key Takeaway
Lancaster Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lancaster Township, PA
How much do homes in Lancaster Township, PA cost?
Median Sold Price
$299,982
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Lancaster Township have sold for 11.5% more than they did a year ago.
Summary: The median home sold price in Lancaster Township was $299,982 in November 2023, up 11.5% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $187.5K | N/A |
| 2 Bedrooms | $235K | $235K | 0.0% |
| 3 Bedrooms | $255K | $285.8K | +12.1% |
| 4 Bedrooms | $345.7K | $385K | +11.4% |
| 5+ Bedrooms | $322K | $370K | +14.9% |
Summary: Lancaster Township housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 14.9%.
Median Sold Price Compared To Nearby Cities
| Lancaster | $227.2K | $297.2K | +30.8% |
| Millersville | $275K | $314.7K | +14.5% |
| Lancaster Township | $269K | $299.9K | +11.5% |
| West Lampeter Township | $332.5K | $349.9K | +5.2% |
| Manheim Township | $361.7K | $369.9K | +2.3% |
Housing Supply in Lancaster Township, PA
How many homes are available in Lancaster Township, PA?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 585 | 525 | -10.3% |
Summary: The Lancaster Township real estate market had 525 homes for sale in November 2023, a 10.3% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 87 | 83 | -4.6% |
| 3 Bedrooms | 257 | 212 | -17.5% |
| 4 Bedrooms | 193 | 183 | -5.2% |
| 5+ Bedrooms | 47 | 46 | -2.1% |
Summary: The Lancaster Township housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.6%, 3 bedroom homes decreased by 17.5%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes decreased by 2.1%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 142 | 126 | -11.3% |
Asking Price vs. Sold Price
37 Homes Were Sold
Under Asking
43 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster Township, you could pay more than the asking price. 36.5% of homes here sold above asking price last month.
Summary: A total of 126 homes were sold or pending in Lancaster Township in November 2023, down by 11.3% month-over-month. Of the 126 sold homes, 29% were sold under asking, 34% were sold at asking, and 37% were sold over asking.
Days on Market for Lancaster Township, PA
How long does it take to sell a home in Lancaster Township, PA?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 17 Days | 17 Days | +4.2% |
Summary: Homes in Lancaster Township had an average of 17 days on market in Nov 2023, up by 4.2% compared to last year.
Breakdown of Home Sale Times
106 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lancaster Township are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 126 homes were sold in Lancaster Township; 84% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
