Is Lancaster, SC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lancaster is a neutral's market

Buyer's
Market

Difference Since November 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, SC

How much do homes in Lancaster, SC cost?

Median Sold Price

$315,000

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$9,875(+3.2%)

Key Takeaway

Homes in Lancaster have sold for 3.2% more than they did a year ago.

Summary: The median home sold price in Lancaster was $315,000 in November 2024, up 3.2% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$105K
N/A
2 $180K$195.5K
+8.6%
3 $270K$291.6K
+8.0%
4 $410K$418K
+2.0%
5+ $538.2K$565K
+5.0%

Summary: Lancaster housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.6%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 5%.

Housing Supply in Lancaster, SC

How many homes are available in Lancaster, SC?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
300285-5.0%

Summary: The Lancaster real estate market had 285 homes for sale in November 2024, a 5.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 21
-50.0%
2 3632
-11.1%
3 157157
0.0%
4 8072
-10.0%
5+ 2523
-8.0%

Summary: The Lancaster housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 11.1%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 10%, and 5+ bedroom homes decreased by 8%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
6147-23.0%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lancaster, expect to pay close to the asking price. 38.3% of homes here sold near the asking price last month.

Summary: A total of 47 homes were sold or pending in Lancaster in November 2024, down by 23.0% month-over-month. Of the 47 sold homes, 34% were sold under asking, 38% were sold at asking, and 28% were sold over asking.

Days on Market for Lancaster, SC

How long does it take to sell a home in Lancaster, SC?

Average Sale Time

Nov 2023Nov 2024CHANGE
39 Days29 Days-25.1%

Summary: Homes in Lancaster had an average of 29 days on market in Nov 2024, down by 25.1% compared to last year.

Breakdown of Home Sale Times

28 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lancaster are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 47 homes were sold in Lancaster; 60% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

Newest Listings in Lancaster, SC

Nearby Markets to Lancaster, SC