Lancaster County Real Estate
Still Very Healthy
As we just passed the midpoint of 2019, I wanted to provide an update on the Lancaster County real estate market. The average price of a home in Lancaster County now stands at $229,410. This is an increase of 3.3% over last year. While 3.3% is a very healthy increase it still trails the increases nationally. In the past the ups and downs of our market have not been as dramatic as we see on a national level. My expectation is that this trailing trend will continue as we will tend to have a more stable market.
Surprisingly interest rates have been decreasing over the past 12 months. The average 30-year conventional rate now stands at 4.07% which is approximately .50% lower than this time last year.
Inventory levels typically rise starting in late winter and through the Spring and summer months. Since the first of the year inventory levels have remained flat and have only started increasing slightly in the past 6 to 8 weeks. Taking all of this info into consideration the market is still very strong.
My expectation is that the market in the lower price ranges will remain strong through this year while the upper end market is showing signs of weakness. Homes priced over $500,000 are struggling and will continue to struggle as there is just too much inventory. Properly preparing a home for sale and pricing it correctly remains very important in all price ranges.
Except for high end homes, the median and average sales price for homes in Lancaster County has risen over the last year, making it a great time to sell. Also, if you are looking to buy a home, interest rates are still historically low, making now a better time to buy than you may find down the road.
Although the Spring months may see an increase in activity, the most important factor you should look at is whether or not the time is right for you. Regardless of national trends or local trends, the most overlooked area when deciding to buy or sell is whether you and your family are prepared for this life changing event.
Hopefully this information has been helpful to you to put the market in perspective. Please contact me if you, or someone you know, have any real estate needs or questions or if you want to discuss market conditions. I look forward to working with you or your referrals in the future.