$3,859 Closing Credit*
$325,000
1,184 SqFt
2 Beds
•1 Full Bath, 1 Partial
Jill Gagliano, Listing Office: RE/MAX SmartHub Realty
Is Lancaster, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$320,508
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$25,308(+8.6%)
Key Takeaway
Homes in Lancaster have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in Lancaster was $320,508 in November 2024, up 8.6% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $190K | $194K | +2.1% |
| 2 Bedrooms | $230K | $245K | +6.5% |
| 3 Bedrooms | $283.7K | $300K | +5.7% |
| 4 Bedrooms | $375K | $400K | +6.7% |
| 5+ Bedrooms | $372.4K | $402K | +7.9% |
Summary: Lancaster housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.1%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 7.9%.
Median Sold Price Compared To Nearby Cities
| Lancaster | $295.2K | $320.5K | +8.6% |
| Lancaster Township | $298.9K | $320K | +7.0% |
| Manheim Township | $367.6K | $391.6K | +6.5% |
| West Lampeter Township | $348.9K | $366K | +4.9% |
| East Lampeter Township | $358.5K | $356K | -0.7% |
Housing Supply in Lancaster, PA
How many homes are available in Lancaster, PA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 451 | 429 | -4.9% |
Summary: The Lancaster real estate market had 429 homes for sale in November 2024, a 4.9% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 58 | 55 | -5.2% |
| 3 Bedrooms | 194 | 203 | +4.6% |
| 4 Bedrooms | 155 | 132 | -14.8% |
| 5+ Bedrooms | 41 | 37 | -9.8% |
Summary: The Lancaster housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 5.2%, 3 bedroom homes increased by 4.6%, 4 bedroom homes decreased by 14.8%, and 5+ bedroom homes decreased by 9.8%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 144 | 119 | -17.4% |
Asking Price vs. Sold Price
33 Homes Were Sold
Under Asking
38 Homes Were Sold
At Asking
48 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster, you could pay more than the asking price. 40.3% of homes here sold above asking price last month.
Summary: A total of 119 homes were sold or pending in Lancaster in November 2024, down by 17.4% month-over-month. Of the 119 sold homes, 28% were sold under asking, 32% were sold at asking, and 40% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 17 Days | 16 Days | -3.5% |
Summary: Homes in Lancaster had an average of 16 days on market in Nov 2024, down by 3.5% compared to last year.
Breakdown of Home Sale Times
99 Homes Were Sold
Under 30 Days
18 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 November 2024, 119 homes were sold in Lancaster; 83% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
