Is Lancaster, OH 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.
Key Takeaway
Lancaster is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lancaster, OH
How much do homes in Lancaster, OH cost?
Median Sold Price
$239,966
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lancaster have sold for 17.1% more than they did a year ago.
Summary: The median home sold price in Lancaster was $239,966 in May 2024, up 17.1% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $71.5K | $70K | -2.1% |
| 2 Bedrooms | $155.5K | $170K | +9.3% |
| 3 Bedrooms | $209.5K | $233.3K | +11.4% |
| 4 Bedrooms | $285K | $318K | +11.6% |
| 5+ Bedrooms | $350.9K | $392.5K | +11.8% |
Summary: Lancaster housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.1%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 11.8%.
Median Sold Price Compared To Nearby Cities
| Lancaster | $205K | $239.9K | +17.1% |
| Lancaster City Township | $194.8K | $215K | +10.4% |
| Pleasant Township | $297.1K | $317.5K | +6.9% |
| Hocking Township | $310K | $325K | +4.8% |
| Greenfield Township | $300K | $290K | -3.3% |
Housing Supply in Lancaster, OH
How many homes are available in Lancaster, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 215 | 250 | +16.3% |
Summary: The Lancaster real estate market had 250 homes for sale in May 2024, a 16.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 4 | -33.3% |
| 2 Bedrooms | 28 | 36 | +28.6% |
| 3 Bedrooms | 120 | 144 | +20.0% |
| 4 Bedrooms | 47 | 50 | +6.4% |
| 5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The Lancaster housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 68 | 72 | +5.9% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster, you could pay more than the asking price. 54.2% of homes here sold above asking price last month.
Summary: A total of 72 homes were sold or pending in Lancaster in May 2024, up by 5.9% month-over-month. Of the 72 sold homes, 21% were sold under asking, 25% were sold at asking, and 54% were sold over asking.
Days on Market for Lancaster, OH
How long does it take to sell a home in Lancaster, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 10 Days | 19 Days | +94.4% |
Summary: Homes in Lancaster had an average of 19 days on market in May 2024, up by 94.4% compared to last year.
Breakdown of Home Sale Times
53 Homes Were Sold
Under 30 Days
17 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 May 2024, 72 homes were sold in Lancaster; 74% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
The information is being provided by Columbus and Central Ohio Regional Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase. 
Copyright 2024 MLS Now. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Buyer to verify all information. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). The photos may be altered, edited, enhanced or virtually staged.