For most of us here in Lancaster, whether you’re living in a condo in Hempfield or a detached home in Manheim Township, it’s often hard to consider Lancaster a metropolitan area. But so many do! In fact, a recent credit.com post identified Lancaster as one of the 25 metro areas with the lowest vacancy rates, meaning that we have the fewest residential properties available
Not only did little Lancaster, PA make this top 25 list – we ranked third!
According to data acquired from ATTOM Solutions, Lancaster, PA is currently holding around a 0.26% vacancy rate. Central Penn Business Journal translates this to mean of the 149,654 available residential properties in the County, around 392 properties are available at any given time.
This is not new news for Lancaster, however, as the county placed top 5 last year as well for lowest available residence rates.
What does this mean for us in Lancaster today? It remains a great time to sell your home. These low vacancy rates mean that housing inventory remains low throughout the County. Active, serious buyers who are in need of a home, have less homes to choose from. Homes continue to sell quickly and at prices near asking price. Yes, even in December.
For those of you looking to buy, it is even more imperative now to find an experienced and qualified buyer’s agent to represent your interests and assist in guiding you through buying in this hot market. With the right agent in your corner, coupled with the still-low mortgage interest rates, you’ll surely still find a great place to call home here in Lancaster.
Questions? Contact us today. We’re always happy to help.