Is Lancaster, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$310,000
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lancaster have sold for 16.4% more than they did a year ago.
Summary: The median home sold price in Lancaster was $310,000 in April 2024, up 16.4% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $200K | $185K | -7.5% |
| 2 Bedrooms | $205K | $235K | +14.6% |
| 3 Bedrooms | $256.8K | $289.5K | +12.7% |
| 4 Bedrooms | $345K | $385K | +11.6% |
| 5+ Bedrooms | $280K | $390.2K | +39.4% |
Summary: Lancaster housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.5%, 2 bedroom homes increased by 14.6%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 39.4%.
Median Sold Price Compared To Nearby Cities
| Lancaster | $266.2K | $310K | +16.4% |
| East Lampeter Township | $327.4K | $357.5K | +9.2% |
| Lancaster Township | $284.9K | $309.2K | +8.5% |
| Manheim Township | $352.5K | $375.5K | +6.5% |
| West Lampeter Township | $344.3K | $360K | +4.5% |
Housing Supply in Lancaster, PA
How many homes are available in Lancaster, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 360 | 359 | -0.3% |
Summary: The Lancaster real estate market had 359 homes for sale in April 2024, a 0.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 2 | -60.0% |
| 2 Bedrooms | 44 | 47 | +6.8% |
| 3 Bedrooms | 162 | 173 | +6.8% |
| 4 Bedrooms | 118 | 109 | -7.6% |
| 5+ Bedrooms | 31 | 28 | -9.7% |
Summary: The Lancaster housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 6.8%, 4 bedroom homes decreased by 7.6%, and 5+ bedroom homes decreased by 9.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 139 | 85 | -38.8% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
26 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster, you could pay more than the asking price. 42.4% of homes here sold above asking price last month.
Summary: A total of 85 homes were sold or pending in Lancaster in April 2024, down by 38.8% month-over-month. Of the 85 sold homes, 27% were sold under asking, 31% were sold at asking, and 42% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 15 Days | 16 Days | +8.1% |
Summary: Homes in Lancaster had an average of 16 days on market in Apr 2024, up by 8.1% compared to last year.
Breakdown of Home Sale Times
72 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
2 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 April 2024, 85 homes were sold in Lancaster; 85% 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.
