Spring is here, and with it comes the start of the busy real estate season here in Lancaster, PA. As the weather warms up and school starts to wind down, many homeowners and potential buyers are looking to make a move.
In Lancaster, we typically see an increase in both the number of homes for sale and the number of buyers entering the market during the spring season. With more inventory available, buyers have a greater selection of homes to choose from, while sellers have a better chance of attracting multiple offers. Not to mention it also helps ease seller's minds to list their homes when they have a larger selection to choose from themselves (since they will also turn into buyers.)
According to recent data from the Lancaster County Association of Realtors, the median sales price of a home in Lancaster County was $261,000 in February 2023. Currently as we sit about 3/4 of the way through March, the median sales price in Lancaster sits at $448,720. When we compare this amount to March of 2022, we can see a 10% increase. Not only does it feel like we are starting to see more homes in the market, but when we look at the statistics, they back that up. Currently we are sitting on about 1.7 months worth of inventory. Although this number is still considered low, it is certainly up from last March, as well as the past few years where we had about 1 month worth of inventory.
If you're thinking about buying or selling a home in Lancaster, now is a great time to take advantage of the spring market. With more homes on the market and more buyers entering the fray, it's the perfect time to make a move. However don't wait too long, right now is probably the best time to jump into the market because as more and more people come out of hibernation from the winter months, it will only get more and more competitive out there. Contact me today to learn more about how I can help you navigate this bustling market and find your dream home!