Is Lancaster County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lancaster County is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Lancaster County has remained a Seller's Market.

Key Takeaway

Lancaster County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$81,000(+18.0%)

Key Takeaway

Homes in Lancaster County have sold for 18% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $257K$930K
+261.9%
2 $240K$201.5K
-16.0%
3 $446.2K$479K
+7.3%
4 $744K$900K
+21.0%
5+ $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
+18.0%
Northumberland County
+1.8%

Housing Supply in Lancaster County, VA

How many homes are available in Lancaster County, VA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
130146+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

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 1620
+25.0%
3 7376
+4.1%
4 3442
+23.5%
5+ 78
+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 2024Mar 2024CHANGE
1227+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lancaster County, you may be able to get a good deal. 61.9% of homes here sold below asking price last month.

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 2023Mar 2024CHANGE
58 Days47 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lancaster County are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

Newest Listings in Lancaster County, VA

Nearby Markets to Lancaster County, VA

What housing markets are near Lancaster County, VA?