Lancaster Real Estate Market Update
The Lancaster real estate market continues to remain busy and competitive. If you’ve been following along with our updates for the past few months, you’ll notice that this month’s update does not vary much from the previous months.
Listing inventory (available homes for sale) remains low, both in regards to demand and in comparison to previous years. Sellers are often receiving multiple offers, meaning that buyers are often finding themselves in competing situations. Homes are typically selling quickly and for full or over list price.
Here’s a look at some statistics comparing the February 2021 Lancaster real estate market to the market from February of 2020.
- New listings are down 17.5% over last year, with 410 hitting the market in 2021 compared to 497 last February
- Sold listings are up 2.3%, with 350 settlements in February 2021
- Median sales price for February came in at $236,000, up 10.5% over last year’s median of $213,500