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 neutral's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

Lancaster County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Lancaster County, VA

How much do homes in Lancaster County, VA cost?

Median Sold Price

$530,666

$260/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$66,666(+14.4%)

Key Takeaway

Homes in Lancaster County have sold for 14.4% more than they did a year ago.

Summary: The median home sold price in Lancaster County was $530,666 in April 2024, up 14.4% from last year, and the median price per square foot was $260.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $203.5K$930K
+357.0%
2 $240K$215K
-10.4%
3 $447.5K$477K
+6.6%
4 $735K$950K
+29.3%
5+ $1.3M$2.5M
+85.7%

Summary: Lancaster County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 357%, 2 bedroom homes decreased by 10.4%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 29.3%, and 5+ bedroom homes increased by 85.7%.

Median Sold Price Compared To Nearby Counties

Lancaster County
+14.4%
Northumberland County
+6.2%

Housing Supply in Lancaster County, VA

How many homes are available in Lancaster County, VA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
124137+10.5%

Summary: The Lancaster County real estate market had 137 homes for sale in April 2024, a 10.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 1915
-21.1%
3 6875
+10.3%
4 2935
+20.7%
5+ 812
+50.0%

Summary: The Lancaster County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 21.1%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 20.7%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
3122-29.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 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. 52.6% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in Lancaster County in April 2024, down by 29.0% month-over-month. Of the 19 sold homes, 53% were sold under asking, 26% were sold at asking, and 21% 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

Apr 2023Apr 2024CHANGE
17 Days58 Days+239.8%

Summary: Homes in Lancaster County had an average of 58 days on market in Apr 2024, up by 239.8% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

5 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 April 2024, 22 homes were sold in Lancaster County; 55% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 23% 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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