Is Lancaster, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lancaster has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $257K | $110K | -57.2% |
2 Bedrooms | $189.7K | $157.4K | -17.0% |
3 Bedrooms | $461.2K | $498.9K | +8.2% |
4 Bedrooms | $590K | $775K | +31.4% |
5+ Bedrooms | $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 | $400K | $439K | +9.8% |
Lancaster | $447.5K | $485K | +8.4% |
Heathsville | $407.5K | $425K | +4.3% |
Kilmarnock | $470K | $439K | -6.6% |
Housing Supply in Lancaster, VA
How many homes are available in Lancaster, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
27 | 27 | 0.0% |
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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 1 | -50.0% |
3 Bedrooms | 16 | 19 | +18.8% |
4 Bedrooms | 8 | 7 | -12.5% |
5+ Bedrooms | 1 | 0 | -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 2024 | May 2024 | CHANGE |
---|---|---|
10 | 6 | -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
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 2023 | May 2024 | CHANGE |
---|---|---|
41 Days | 127 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
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.