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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lancaster County is a buyer's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Lancaster County, VA

How much do homes in Lancaster County, VA cost?

Median Sold Price

$560,000

$268/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$29,000(+5.5%)

Key Takeaway

Homes in Lancaster County have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in Lancaster County was $560,000 in October 2024, up 5.5% from last year, and the median price per square foot was $268.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $150K-
N/A
2 $225K$325K
+44.4%
3 $475K$500K
+5.3%
4 $851K$900K
+5.8%
5+ $1.3M$2.1M
+59.3%

Summary: Lancaster County 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 44.4%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 5.8%, and 5+ bedroom homes increased by 59.3%.

Median Sold Price Compared To Nearby Counties

Northumberland County
+13.9%
Richmond County
+7.2%
Lancaster County
+5.5%

Housing Supply in Lancaster County, VA

How many homes are available in Lancaster County, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
147175+19.0%

Summary: The Lancaster County real estate market had 175 homes for sale in October 2024, a 19.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 03
+100.0%
2 2226
+18.2%
3 8599
+16.5%
4 3338
+15.2%
5+ 79
+28.6%

Summary: The Lancaster County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 16.5%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1418+28.6%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lancaster County, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in Lancaster County in October 2024, up by 28.6% month-over-month. Of the 13 sold homes, 54% were sold under asking, 15% were sold at asking, and 31% 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

Oct 2023Oct 2024CHANGE
78 Days51 Days-34.2%

Summary: Homes in Lancaster County had an average of 51 days on market in Oct 2024, down by 34.2% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

2 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 County are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 18 homes were sold in Lancaster County; 67% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 22% 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 13 Days Ago

Newest Listings in Lancaster County, VA

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