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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lancaster is a seller's market

Buyer's
Market

Difference Since May 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, VA

How much do homes in Lancaster, VA cost?

Median Sold Price

$485,000

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$37,450(+8.4%)

Key Takeaway

Homes in Lancaster have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in Lancaster was $485,000 in May 2024, up 8.4% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $257K$110K
-57.2%
2 $189.7K$157.4K
-17.0%
3 $461.2K$498.9K
+8.2%
4 $590K$775K
+31.4%
5+ $1.3M$2.1M
+59.3%

Summary: Lancaster housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 57.2%, 2 bedroom homes decreased by 17%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 31.4%, and 5+ bedroom homes increased by 59.3%.

Median Sold Price Compared To Nearby Cities

Kilmarnock
+9.8%
Lancaster
+8.4%
Heathsville
+4.3%
Kilmarnock
-6.6%

Housing Supply in Lancaster, VA

How many homes are available in Lancaster, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
27270.0%

Summary: The Lancaster real estate market had 27 homes for sale in May 2024, the same as April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 21
-50.0%
3 1619
+18.8%
4 87
-12.5%
5+ 10
-100.0%

Summary: The Lancaster housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 18.8%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
106-40.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lancaster, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Lancaster in May 2024, down by 40.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.

Days on Market for Lancaster, VA

How long does it take to sell a home in Lancaster, VA?

Average Sale Time

May 2023May 2024CHANGE
41 Days127 Days+207.6%

Summary: Homes in Lancaster had an average of 127 days on market in May 2024, up by 207.6% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 6 homes were sold in Lancaster; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% 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 2 Days Ago

Newest Listings in Lancaster, VA

Nearby Markets to Lancaster, VA

What housing markets are near Lancaster, VA?