Is Lancaster, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lancaster was a Seller's Market.
Housing Prices in Lancaster, NY
How much do homes in Lancaster, NY cost?
Median Sold Price
$319,000
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lancaster was $319,000 in May 2024, up 2.4% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $55K | N/A |
2 Bedrooms | $222.5K | $268.5K | +20.7% |
3 Bedrooms | $280K | $312K | +11.4% |
4 Bedrooms | $416K | $400K | -3.8% |
5+ Bedrooms | $372.5K | $277.5K | -25.5% |
Summary: Lancaster housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 20.7%, 3 bedroom homes increased by 11.4%, 4 bedroom homes decreased by 3.8%, and 5+ bedroom homes decreased by 25.5%.
Median Sold Price Compared To Nearby Cities
Depew | $224.9K | $241K | +7.2% |
Lancaster | $311.5K | $319K | +2.4% |
Housing Supply in Lancaster, NY
How many homes are available in Lancaster, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
93 | 96 | +3.2% |
Summary: The Lancaster real estate market had 96 homes for sale in May 2024, a 3.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 19 | 20 | +5.3% |
3 Bedrooms | 43 | 42 | -2.3% |
4 Bedrooms | 26 | 29 | +11.5% |
5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Lancaster housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 5.3%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
26 | 16 | -38.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in Lancaster in May 2024, down by 38.5% month-over-month. Of the 16 sold homes, 13% were sold under asking, 0% were sold at asking, and 88% were sold over asking.
Days on Market for Lancaster, NY
How long does it take to sell a home in Lancaster, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
11 Days | 18 Days | +61.2% |
Summary: Homes in Lancaster had an average of 18 days on market in May 2024, up by 61.2% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 16 homes were sold in Lancaster; 88% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.