Is Lancaster, PA 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, PA
How much do homes in Lancaster, PA cost?
Median Sold Price
$310,675
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lancaster have sold for 13.1% more than they did a year ago.
Summary: The median home sold price in Lancaster was $310,675 in May 2024, up 13.1% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $205.5K | $180K | -12.4% |
| 2 Bedrooms | $210K | $238K | +13.3% |
| 3 Bedrooms | $262.1K | $291.5K | +11.2% |
| 4 Bedrooms | $354.6K | $385.4K | +8.7% |
| 5+ Bedrooms | $290K | $400K | +37.9% |
Summary: Lancaster housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.4%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 37.9%.
Median Sold Price Compared To Nearby Cities
| Lancaster | $274.6K | $310.6K | +13.1% |
| East Lampeter Township | $331.7K | $358.7K | +8.1% |
| Lancaster Township | $289.9K | $310.3K | +7.0% |
| Manheim Township | $352.5K | $375.5K | +6.5% |
| West Lampeter Township | $344.3K | $355K | +3.1% |
Housing Supply in Lancaster, PA
How many homes are available in Lancaster, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 369 | 449 | +21.7% |
Summary: The Lancaster real estate market had 449 homes for sale in May 2024, a 21.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 49 | 58 | +18.4% |
| 3 Bedrooms | 180 | 215 | +19.4% |
| 4 Bedrooms | 109 | 136 | +24.8% |
| 5+ Bedrooms | 29 | 36 | +24.1% |
Summary: The Lancaster housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 24.8%, and 5+ bedroom homes increased by 24.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 85 | 89 | +4.7% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
32 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster, you could pay more than the asking price. 44.9% of homes here sold above asking price last month.
Summary: A total of 89 homes were sold or pending in Lancaster in May 2024, up by 4.7% month-over-month. Of the 89 sold homes, 19% were sold under asking, 36% were sold at asking, and 45% were sold over asking.
Days on Market for Lancaster, PA
How long does it take to sell a home in Lancaster, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 16 Days | +23.4% |
Summary: Homes in Lancaster had an average of 16 days on market in May 2024, up by 23.4% compared to last year.
Breakdown of Home Sale Times
78 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 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, 89 homes were sold in Lancaster; 88% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
