Is Lancaster County, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lancaster County was a Seller's Market.
Housing Prices in Lancaster County, VA
How much do homes in Lancaster County, VA cost?
Median Sold Price
$531,000
$251/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lancaster County was $531,000 in May 2024, up 10.7% from last year, and the median price per square foot was $251.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $203.5K | $930K | +357.0% |
2 Bedrooms | $250K | $215K | -14.0% |
3 Bedrooms | $450K | $462.5K | +2.8% |
4 Bedrooms | $739.5K | $905K | +22.4% |
5+ Bedrooms | $1.4M | $2.5M | +70.0% |
Summary: Lancaster County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 357%, 2 bedroom homes decreased by 14%, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 22.4%, and 5+ bedroom homes increased by 70%.
Median Sold Price Compared To Nearby Counties
Lancaster County | $479.6K | $531K | +10.7% |
Northumberland County | $420K | $432.5K | +3.0% |
Richmond County | $265K | $260K | -1.9% |
Housing Supply in Lancaster County, VA
How many homes are available in Lancaster County, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
133 | 147 | +10.5% |
Summary: The Lancaster County real estate market had 147 homes for sale in May 2024, a 10.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 15 | 18 | +20.0% |
3 Bedrooms | 73 | 82 | +12.3% |
4 Bedrooms | 33 | 35 | +6.1% |
5+ Bedrooms | 12 | 12 | 0.0% |
Summary: The Lancaster County 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 increased by 20%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
25 | 11 | -56.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Lancaster County in May 2024, down by 56.0% month-over-month. Of the 10 sold homes, 50% were sold under asking, 30% were sold at asking, and 20% were sold over asking.
Days on Market for Lancaster County, VA
How long does it take to sell a home in Lancaster County, VA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
34 Days | 75 Days | +116.0% |
Summary: Homes in Lancaster County had an average of 75 days on market in May 2024, up by 116% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 11 homes were sold in Lancaster County; 64% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.