Lancaster County (home to Indian Land) remained a home seller’s market in the second quarter of 2020 with inventory and months supply of homes considerably lower than in the same quarter in 2019. Lack of inventory, coupled with buyer demand exceeding supply, increased home prices in the second quarter and reduced the cumulative days on market.
Latest news on Lancaster County’s real estate market and what it means for you…
Second Quarter 2020 saw increases in both average and median home sale prices in Lancaster County. Inventory of homes and the months supply of homes were both down in the second quarter. Days on market were up slightly and closed sales were down.
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Lancaster County Housing Market Highlights
Quarter 2, 2020 versus Quarter 2, 2019
In the second quarter of 2020, Lancaster County saw a:
10.9% increase in average sale prices (to $326,733) year-over-year.
8.0% increase in median sale price (to $318,500) year-over-year.
36.4% decrease in inventory of homes for sale year-over-year.
8.2% decrease in closed sales year-over-year.
43.1% decrease in the months supply of homes (1.6 months supply) year-over-year.
Days on market year over year increased 1.3% (50 days on market) year-over-year.
97.5% percent of original price received, up 0.8% year-over-year.
10-YEAR HISTORY OF HOME SALE PRICES IN LANCASTER COUNTY
If there’s any question about how hot the housing market in Lancaster County has been since 2009, just take a look at what the median sale price was in January 2010 … just under $197,000. By July 2020 median sale price was over $300,000.