Lancaster PA Real Estate Update

Interested in buying or selling real estate in Lancaster? Looking for the latest news and statistics about the market? 

Get a brief overview of the Lancaster, PA real estate market below. 

Market Forecast & Real Estate Stats

Here are the latest Lancaster, PA real estate statistics since 2019. 

  • The median home value in Lancaster is $158,486, up 4.6% over the past year
  • Growth is predicted to continue by 2.8% in the next year
  • The median list price per square foot in Lancaster, PA is $213
  • The average home in Lancaster, PA spends 78 days on the market

Overall, the outlook for Lancaster, PA is great. Average home prices were only about $120,00 as recently as January 2016. Demand has been high over the past few years, and home values have followed suit.

Most & Least Expensive Areas

The most expensive areas of the Lancaster, PA metro area include:

  • East Hempfield Township – Median home value of $252,400
  • West Lampeter Township – Median home value of $232,600
  • Pequea Township – Median home value of $222,600

The least expensive areas of the Lancaster, PA metro area include:

  • Willow Street – Median home value of $202,400
  • East Petersburg – Median home value of $178,900
  • Millersville – Median home value of $176,900

Is It Time To Buy Or Sell? 

As recently as late 2016, homes were spending up to 143 days on the market in Lancaster, PA. Today, most homes sell within 2 months. 

It’s definitely a seller’s market, but growth seems to be slowing – 15.2% of listings have had their prices cut in the past month – so if you want to sell a home in the area, you may want to do it sooner rather than later.