Is Lancaster, 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 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, PA
How much do homes in Lancaster, PA cost?
Median Sold Price
$304,355
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lancaster have sold for 26% more than they did a year ago.
Summary: The median home sold price in Lancaster was $304,355 in March 2024, up 26% 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 | $167K | $185K | +10.8% |
| 2 Bedrooms | $199.9K | $238K | +19.1% |
| 3 Bedrooms | $234.9K | $289.7K | +23.3% |
| 4 Bedrooms | $290K | $385K | +32.8% |
| 5+ Bedrooms | $277.4K | $385K | +38.8% |
Summary: Lancaster housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 23.3%, 4 bedroom homes increased by 32.8%, and 5+ bedroom homes increased by 38.8%.
Median Sold Price Compared To Nearby Cities
| Lancaster | $241.5K | $304.3K | +26.0% |
| East Lampeter Township | $311.5K | $350K | +12.4% |
| Lancaster Township | $274.2K | $304.2K | +11.0% |
| Manheim Township | $361K | $375.2K | +3.9% |
| West Lampeter Township | $342.7K | $353.6K | +3.2% |
Housing Supply in Lancaster, PA
How many homes are available in Lancaster, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 560 | 556 | -0.7% |
Summary: The Lancaster real estate market had 556 homes for sale in March 2024, a 0.7% 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 | 84 | 78 | -7.1% |
| 3 Bedrooms | 234 | 240 | +2.6% |
| 4 Bedrooms | 187 | 182 | -2.7% |
| 5+ Bedrooms | 52 | 51 | -1.9% |
Summary: The Lancaster 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 7.1%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes decreased by 1.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 98 | 119 | +21.4% |
Asking Price vs. Sold Price
33 Homes Were Sold
Under Asking
37 Homes Were Sold
At Asking
49 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster, you could pay more than the asking price. 41.2% of homes here sold above asking price last month.
Summary: A total of 119 homes were sold or pending in Lancaster in March 2024, up by 21.4% month-over-month. Of the 119 sold homes, 28% were sold under asking, 31% were sold at asking, and 41% were sold over asking.
Days on Market for Lancaster, PA
How long does it take to sell a home in Lancaster, PA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 19 Days | 16 Days | -12.8% |
Summary: Homes in Lancaster had an average of 16 days on market in Mar 2024, down by 12.8% compared to last year.
Breakdown of Home Sale Times
98 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
4 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 March 2024, 119 homes were sold in Lancaster; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
