Is Lancaster Township, 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 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
$309,250
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lancaster Township have sold for 8.5% more than they did a year ago.
Summary: The median home sold price in Lancaster Township was $309,250 in April 2024, up 8.5% 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 | $190K | $185K | -2.6% |
| 2 Bedrooms | $220K | $235.3K | +7.0% |
| 3 Bedrooms | $276.5K | $289.8K | +4.8% |
| 4 Bedrooms | $372.5K | $386.2K | +3.7% |
| 5+ Bedrooms | $328K | $390.2K | +19.0% |
Summary: Lancaster Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.6%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 19%.
Median Sold Price Compared To Nearby Cities
| Lancaster | $266.2K | $310K | +16.4% |
| Millersville | $275K | $320K | +16.4% |
| 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 Township, PA
How many homes are available in Lancaster Township, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 360 | 359 | -0.3% |
Summary: The Lancaster Township 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 Township 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 Township, 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 Township 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 Township, PA
How long does it take to sell a home in Lancaster Township, PA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 15 Days | 16 Days | +8.1% |
Summary: Homes in Lancaster Township 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 Township are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 85 homes were sold in Lancaster Township; 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.
