Is Lancaster Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
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
$307,781
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lancaster Township have sold for 9.5% more than they did a year ago.
Summary: The median home sold price in Lancaster Township was $307,781 in March 2024, up 9.5% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $189K | N/A |
| 2 Bedrooms | $220K | $240K | +9.1% |
| 3 Bedrooms | $277.5K | $290.1K | +4.5% |
| 4 Bedrooms | $375K | $387K | +3.2% |
| 5+ Bedrooms | $304.9K | $390K | +27.9% |
Summary: Lancaster Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes increased by 27.9%.
Housing Supply in Lancaster Township, PA
How many homes are available in Lancaster Township, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 531 | 528 | -0.6% |
Summary: The Lancaster Township real estate market had 528 homes for sale in March 2024, a 0.6% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 5 | +66.7% |
| 2 Bedrooms | 79 | 73 | -7.6% |
| 3 Bedrooms | 216 | 221 | +2.3% |
| 4 Bedrooms | 187 | 184 | -1.6% |
| 5+ Bedrooms | 46 | 45 | -2.2% |
Summary: The Lancaster Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes decreased by 7.6%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes decreased by 2.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 98 | 122 | +24.5% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
37 Homes Were Sold
At Asking
50 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster Township, you could pay more than the asking price. 41% of homes here sold above asking price last month.
Summary: A total of 122 homes were sold or pending in Lancaster Township in March 2024, up by 24.5% month-over-month. Of the 122 sold homes, 29% were sold under asking, 30% were sold at asking, and 41% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 20 Days | 17 Days | -17.6% |
Summary: Homes in Lancaster Township had an average of 17 days on market in Mar 2024, down by 17.6% compared to last year.
Breakdown of Home Sale Times
100 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
5 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 March 2024, 122 homes were sold in Lancaster Township; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
The multiple listing information is provided by West Penn Multi-List, Inc. Information deemed reliable, but not guaranteed. IDX info provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change, or withdrawal. Listings displaying the IDX logo belong to brokers other than this broker. Neither the listing broker(s) nor this broker or the MLS shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.