Is Lancaster, SC 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, SC

How much do homes in Lancaster, SC cost?

Median Sold Price

$307,333

$180/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,252(+10.9%)

Key Takeaway

Homes in Lancaster have sold for 10.9% more than they did a year ago.

Summary: The median home sold price in Lancaster was $307,333 in May 2024, up 10.9% from last year, and the median price per square foot was $180.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$85K
N/A
2 $179.9K$177.7K
-1.2%
3 $255K$281.3K
+10.3%
4 $375.5K$405K
+7.9%
5+ $537.5K$540K
0.5%

Summary: Lancaster housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.2%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 0.5%.

Housing Supply in Lancaster, SC

How many homes are available in Lancaster, SC?

Number of Homes For Sale

Apr 2024May 2024CHANGE
287305+6.3%

Summary: The Lancaster real estate market had 305 homes for sale in May 2024, a 6.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 23
+50.0%
2 3134
+9.7%
3 177177
0.0%
4 5266
+26.9%
5+ 2525
0.0%

Summary: The Lancaster housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 9.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 26.9%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
6074+23.3%

Asking Price vs. Sold Price

32 Homes Were Sold
Under Asking

23 Homes Were Sold
At Asking

18 Homes Were 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. 43.8% of homes here sold below asking price last month.

Summary: A total of 74 homes were sold or pending in Lancaster in May 2024, up by 23.3% month-over-month. Of the 73 sold homes, 44% were sold under asking, 32% were sold at asking, and 25% were sold over asking.

Days on Market for Lancaster, SC

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

Average Sale Time

May 2023May 2024CHANGE
33 Days44 Days+34.4%

Summary: Homes in Lancaster had an average of 44 days on market in May 2024, up by 34.4% compared to last year.

Breakdown of Home Sale Times

42 Homes Were Sold
Under 30 Days

16 Homes Were Sold
In 30 - 90 Days

14 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, 74 homes were sold in Lancaster; 57% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 19% 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 1 Day Ago

Newest Listings in Lancaster, SC

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