Is Lancaster County, VA 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 County has remained a Seller's Market.
Housing Prices in Lancaster County, VA
How much do homes in Lancaster County, VA cost?
Median Sold Price
$531,000
$249/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Lancaster County was $531,000 in March 2024, up 18% from last year, and the median price per square foot was $249.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $257K | $930K | +261.9% |
2 Bedrooms | $240K | $201.5K | -16.0% |
3 Bedrooms | $446.2K | $479K | +7.3% |
4 Bedrooms | $744K | $900K | +21.0% |
5+ Bedrooms | $1.3M | $2.5M | +85.7% |
Summary: Lancaster County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 261.9%, 2 bedroom homes decreased by 16%, 3 bedroom homes increased by 7.3%, 4 bedroom homes increased by 21%, and 5+ bedroom homes increased by 85.7%.
Median Sold Price Compared To Nearby Counties
Lancaster County | $450K | $531K | +18.0% |
Northumberland County | $425K | $432.5K | +1.8% |
Housing Supply in Lancaster County, VA
How many homes are available in Lancaster County, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
130 | 146 | +12.3% |
Summary: The Lancaster County real estate market had 146 homes for sale in March 2024, a 12.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 16 | 20 | +25.0% |
3 Bedrooms | 73 | 76 | +4.1% |
4 Bedrooms | 34 | 42 | +23.5% |
5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Lancaster County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
12 | 27 | +125.0% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in Lancaster County in March 2024, up by 125.0% month-over-month. Of the 21 sold homes, 62% were sold under asking, 24% were sold at asking, and 14% were sold over asking.
Days on Market for Lancaster County, VA
How long does it take to sell a home in Lancaster County, VA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
58 Days | 47 Days | -18.9% |
Summary: Homes in Lancaster County had an average of 47 days on market in Mar 2024, down by 18.9% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Summary: During March 2024, 27 homes were sold in Lancaster County; 56% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.