Is Lancaster Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lancaster Township has remained a Seller's Market.
Key Takeaway
Lancaster Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lancaster Township, PA
How much do homes in Lancaster Township, PA cost?
Median Sold Price
$310,315
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lancaster Township have sold for 7% more than they did a year ago.
Summary: The median home sold price in Lancaster Township was $310,315 in May 2024, up 7% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $200K | $180K | -10.0% |
| 2 Bedrooms | $218K | $239K | +9.6% |
| 3 Bedrooms | $275K | $291.5K | +6.0% |
| 4 Bedrooms | $375K | $385.5K | +2.8% |
| 5+ Bedrooms | $340.5K | $400K | +17.5% |
Summary: Lancaster Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10%, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 17.5%.
Median Sold Price Compared To Nearby Cities
| Millersville | $275K | $320K | +16.4% |
| Lancaster | $274.6K | $310.6K | +13.1% |
| Lancaster Township | $289.9K | $310.3K | +7.0% |
| Manheim Township | $352.5K | $375.5K | +6.5% |
| West Lampeter Township | $344.3K | $355K | +3.1% |
Housing Supply in Lancaster Township, PA
How many homes are available in Lancaster Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 366 | 445 | +21.6% |
Summary: The Lancaster Township real estate market had 445 homes for sale in May 2024, a 21.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 48 | 56 | +16.7% |
| 3 Bedrooms | 179 | 214 | +19.6% |
| 4 Bedrooms | 108 | 135 | +25.0% |
| 5+ Bedrooms | 29 | 36 | +24.1% |
Summary: The Lancaster Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 19.6%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 24.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 85 | 88 | +3.5% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
32 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lancaster Township, you could pay more than the asking price. 44.3% of homes here sold above asking price last month.
Summary: A total of 88 homes were sold or pending in Lancaster Township in May 2024, up by 3.5% month-over-month. Of the 88 sold homes, 19% were sold under asking, 36% were sold at asking, and 44% were sold over asking.
Days on Market for Lancaster Township, PA
How long does it take to sell a home in Lancaster Township, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 14 Days | +8.6% |
Summary: Homes in Lancaster Township had an average of 14 days on market in May 2024, up by 8.6% compared to last year.
Breakdown of Home Sale Times
78 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lancaster Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 88 homes were sold in Lancaster Township; 89% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
