The Housing History Around Us
Lancaster home prices are currently appreciating at 11.8% year over year
The housing market is all the talk these days both locally and nationally. In Lancaster supply is a primary issue. The number of listings is low and, particularly at the lower end of the market, new listings sell quickly.
Personally, I am seeing many buyers coming to Lancaster from elsewhere in the Northeast. It appears that this dynamic is causing Lancaster to outperform other markets regionally and nationally.
For context, Lancaster home prices held up well relative to national prices through the 2008 financial crisis. Before the crisis Lancaster underperformed. Lancaster prices have been generally less volatile. Only upon the pandemic did Lancaster start to outperform national markets, which is presently ongoing
According to the Federal Reserve, Lancaster home prices are currently appreciating at 11.8% year over year.
Did you catch that? Lancaster home prices are currently appreciating at 11.8% year over year.
Navigating a market like this is challenging. Buy, sell and hold decisions carry more weight in this environment. I take my role seriously when I walk beside my clients as they weigh the their different options in the effort to make decisions about their real estate. I consider it a privilege to navigate this time in history with my clients!
Contact me today if you're ready to get started and need guidance in the buying or selling process!
Lancaster County Housing Stats
- Lancaster home median list price is $285K
- National median home price rose to $454,900 which is a new high
- The supply of houses remains less than buyer demand which means we remain in a Sellers market.
Whats happening in your neighborhood? Just ask me! Jill@KingswayRealty.com
*Stats based on Q4 national averages according to Realtor.com
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