Is Lancaster, NY 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 was a Seller's Market.
Key Takeaway
Lancaster is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lancaster, NY
How much do homes in Lancaster, NY cost?
Median Sold Price
$319,000
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lancaster have sold for 2.4% more than they did a year ago.
Summary: The median home sold price in Lancaster was $319,000 in May 2024, up 2.4% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $55K | N/A |
| 2 Bedrooms | $222.5K | $268.5K | +20.7% |
| 3 Bedrooms | $280K | $312K | +11.4% |
| 4 Bedrooms | $416K | $400K | -3.8% |
| 5+ Bedrooms | $372.5K | $277.5K | -25.5% |
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 increased by 20.7%, 3 bedroom homes increased by 11.4%, 4 bedroom homes decreased by 3.8%, and 5+ bedroom homes decreased by 25.5%.
Median Sold Price Compared To Nearby Cities
| Depew | $224.9K | $241K | +7.2% |
| Lancaster | $311.5K | $319K | +2.4% |
Housing Supply in Lancaster, NY
How many homes are available in Lancaster, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 93 | 96 | +3.2% |
Summary: The Lancaster real estate market had 96 homes for sale in May 2024, a 3.2% 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 | 19 | 20 | +5.3% |
| 3 Bedrooms | 43 | 42 | -2.3% |
| 4 Bedrooms | 26 | 29 | +11.5% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
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 increased by 5.3%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 16 | -38.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster, you could pay more than the asking price. 87.5% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in Lancaster in May 2024, down by 38.5% month-over-month. Of the 16 sold homes, 13% were sold under asking, 0% were sold at asking, and 88% were sold over asking.
Days on Market for Lancaster, NY
How long does it take to sell a home in Lancaster, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 11 Days | 18 Days | +61.2% |
Summary: Homes in Lancaster had an average of 18 days on market in May 2024, up by 61.2% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was 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, 16 homes were sold in Lancaster; 88% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.