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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lancaster is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Lancaster was a Seller's Market.

Key Takeaway

Lancaster is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Lancaster, VA

How much do homes in Lancaster, VA cost?

Median Sold Price

$500,000

$264/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$15,000(+3.1%)

Key Takeaway

Homes in Lancaster have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Lancaster was $500,000 in October 2024, up 3.1% from last year, and the median price per square foot was $264.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $110K-
N/A
2 $157.4K$275K
+74.7%
3 $490K$500K
+2.0%
4 $595K$735K
+23.5%
5+ $1.3M$2.1M
+59.3%

Summary: Lancaster housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 74.7%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes increased by 59.3%.

Median Sold Price Compared To Nearby Cities

Heathsville
+14.8%
Kilmarnock
+7.1%
Lancaster
+3.1%
Kilmarnock
-0.5%

Housing Supply in Lancaster, VA

How many homes are available in Lancaster, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2432+33.3%

Summary: The Lancaster real estate market had 32 homes for sale in October 2024, a 33.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 24
+100.0%
3 1621
+31.3%
4 55
0.0%
5+ 12
+100.0%

Summary: The Lancaster housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 31.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
01+100.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lancaster, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in Lancaster in October 2024, up by 100.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Lancaster, VA

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

Average Sale Time

Oct 2023Oct 2024CHANGE
132 Days34 Days-74.3%

Summary: Homes in Lancaster had an average of 34 days on market in Oct 2024, down by 74.3% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Lancaster has remained consistent over time.

Summary: During October 2024, 1 homes were sold in Lancaster; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% 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 12 Days Ago

Newest Listings in Lancaster, VA

Nearby Markets to Lancaster, VA

What housing markets are near Lancaster, VA?