Lancaster County Real Estate Market Update

Based on the Lancaster County Association of Realtor’s latest press release, the market is heating up with increased home sales and sales prices. Here are the highlights of the market update:

  • 360 homes were sold in February 2016 – a 20% increase from 2015
  • Average sales price in February 2016 was $189,660
  • 486 homes went under contract in February 2016 – a 15.3% increase from 2015

“In recent months, we have seen a tight inventory of available homes in the most popular price ranges, and February certainly continues that trend.,” said LCAR president Lynn Zimmerman. “For example, in the $100,000 to $200,000 price range, we only have a 2 month supply of homes on the market, and a 2.8 month supply of homes priced up to $100,000. This is definitely indicative of a seller’s market when homes in great condition that are priced appropriately will sell very quickly.”

 

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