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 November 2023

Since last year, Lancaster County has remained a Buyer'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

$577,500

$268/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$40,000(+7.4%)

Key Takeaway

Homes in Lancaster County have sold for 7.4% more than they did a year ago.

Summary: The median home sold price in Lancaster County was $577,500 in November 2024, up 7.4% from last year, and the median price per square foot was $268.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $930K-
N/A
2 $208K$325K
+56.3%
3 $479K$517.5K
+8.0%
4 $900K$864.7K
-3.9%
5+ $1.3M$2.1M
+59.3%

Summary: Lancaster County 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 56.3%, 3 bedroom homes increased by 8%, 4 bedroom homes decreased by 3.9%, and 5+ bedroom homes increased by 59.3%.

Median Sold Price Compared To Nearby Counties

Northumberland County
+9.5%
Richmond County
+8.8%
Lancaster County
+7.4%

Housing Supply in Lancaster County, VA

How many homes are available in Lancaster County, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
164162-1.2%

Summary: The Lancaster County real estate market had 162 homes for sale in November 2024, a 1.2% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 33
0.0%
2 2429
+20.8%
3 9590
-5.3%
4 3333
0.0%
5+ 97
-22.2%

Summary: The Lancaster County housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20.8%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 22.2%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2023+15.0%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

9 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. 40.9% of homes here sold below asking price last month.

Summary: A total of 23 homes were sold or pending in Lancaster County in November 2024, up by 15.0% month-over-month. Of the 22 sold homes, 41% were sold under asking, 41% were sold at asking, and 18% 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

Nov 2023Nov 2024CHANGE
9 Days39 Days+340.6%

Summary: Homes in Lancaster County had an average of 39 days on market in Nov 2024, up by 340.6% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

3 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 November 2024, 23 homes were sold in Lancaster County; 61% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 13% 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 20 Days Ago

Newest Listings in Lancaster County, VA

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