LCAR

State of the Market

Lisa Naples, Berkshire Hathaway Home Services • December 22, 2022

The November Market Stats for Lancaster County (MarketStats by Showingtime) show that the average Sold to Original List Price ratio was 101.3% for the month. Homes were on the market an average of 17 days and the Median Sold Price was $295,000, up 9.3% from a year ago.


29.2% of November’s closed sales were cash, 56.9% were conventional, 7.1% were FHA, 4.8% were VA and the remaining 2% were other.


Does this sound like a competitive market? Almost a third of sales were cash and less than 14% of sales accepted FHA or VA financing. Homes are still selling for over list price; they are selling quickly, and they are selling to predominately to cash and conventional buyers. It continues to be a very competitive market.


The definition of a balanced real estate market, that does not favor buyer or seller, is usually between five and seven months of housing inventory. If inventory levels exceed seven months, demand is low and prices are likely to fall which creates a buyer’s market. When inventory levels fall to less than six months, sellers have more control which results in a significant rise in housing prices which is a seller’s market (Texas A&M University Real Estate Center).


In the Lancaster market in November, there were 390 closed sales and an average of 460 active listings. This means there was just over one month of inventory available, which points to a very strong seller’s market.


I’m sure it is difficult to imagine a buyers' market right now. Five to seven months, or more, of inventory available, yet very few buyers interested. This was the experience during the great recession, but it is not even close to the current situation. Despite higher interest rates and counter to some of the national news about a declining real estate market, Lancaster remains a very strong seller’s market.


What does this mean for us as we head into 2023 working in Lancaster County? Monitor the monthly statistics to keep your finger on the pulse of our market. The market will continue to change as interest rates increase or decrease and as we begin to enter the spring market, which traditionally is our busiest time of year. Don’t expect the sky to fall, our inventory levels would have to skyrocket for the overall seller’s market conditions to wane. Be prepared to continue to manage multiple offer situations as both a buyer agent and seller agent. Encourage your buyer and seller prospects to jump into the real estate market. All indicators show that it is a great time to sell a home. There is little evidence showing that prices will have any reason to decline, so it’s a great time to buy a home as prices are still going up.


The bottom line is, don’t buy into the negative national news about housing. Housing markets are local and our market is strong and stable.


Facts, opinions and information expressed in the Blog represent the work of the author and are believed to be accurate, but are not guaranteed. The Lancaster County Association of Realtors is not liable for any potential errors, omissions or outdated information. If errors are noted within a post, please notify the Association. Posts represent the author's opinion and are not necessarily the opinion of the Association.

By Host Mike Berk, LCAR Executive Director March 27, 2025
In this episode, LCAR's Executive Director, Mike Berk, sits down with Lititz-based family therapist Stacey Kreitz to discuss mental health, work/life balance, and overall wellness. Stacey shares practical tips for managing stress, preventing burnout, setting boundaries, and creating a work-life balance for those managing a busy lifestyle. Whether you're a Realtor®, business owner, or simply looking to find balance in your day-to-day, this episode is full of helpful tips to improve your well-being and maintain a healthier work-life balance.
By Victoria Medvedeva, Keller Williams Elite March 20, 2025
Ready to dig? Well hold your shovels! In this quick 2 minute read, LCAR's Victoria Medvedeva goes over the quick Do's and Don'ts when it comes to digging on your property. Don't dig yourself into a hole...discover what you need to do when it comes to digging on home properties.
By Dan Ranck, Homesale Mortgage March 7, 2025
In this 2-minute video, Mortgage Loan Officer Dan Ranck discusses how recent changes to buyer agency commissions are impacting the homebuying process, especially for first-time buyers. He highlights the importance of communication between agents and lenders to ensure buyers can navigate these new challenges and secure their dream home.
By Host Mike Berk, LCAR Executive Director February 27, 2025
Welcome to the second episode of The LCAR Corner, the first-ever podcast from the Lancaster County Association of Realtors®. In this episode, LCAR's Executive Director, and your host, Mike Berk meets with Shelby Nauman, Chief Executive Officer at Tenfold, to discuss and learn more about the many programs Tenfold has to offer. From transitional living to first-time homebuyer programs, tune in to learn about the unique connection between LCAR and Tenfold, which has flourished since LCAR members began fundraising efforts back in 1989.
By Lisa Naples, Berkshire Hathaway HomeServices Homesale Realty February 20, 2025
As real estate professionals, we know the value of connections, resources, and staying informed. Your Lancaster County Association of Realtors (LCAR) membership comes packed with benefits designed to help you grow your business, network with colleagues, and access valuable industry resources. But are you taking full advantage of what’s included?
computer screen of audio
By Host Mike Berk, LCAR Executive Director February 7, 2025
In this episode, meet your host, LCAR Executive Director Mike Berk, as he sits down with Tim Keller, LCAR Treasurer and Auctioneer at H.K. Keller, to break down the basics of real estate auctions.
By Nestfully January 23, 2025
Collaborate, communicate, and cultivate client relationships with the cutting-edge app that’s built to keep you at the heart of your clients’ home journeys.
By Chandra Mast, Certified General Appraiser, Red Rose Appraisal January 9, 2025
The revival of nuclear energy as a clean, carbon-free alternative to fossil fuels has the potential to reshape market dynamics in Pennsylvania and beyond. For real estate developers, this shift could result in a surge in demand for commercial properties near power generation sites, as companies look to co-locate their energy-intensive data centers close to reliable energy sources. ..As tech companies explore co-locating data centers near power generation sites, we may see significant shifts in the real estate market. Learn more in this exciting article by Chandra Mast, AI Expert and Certified General Appraiser.
By Wendy J. Hess, Puffer Morris Real Estate December 26, 2024
In this article, LCAR member Wendy Hess reflects on her memorable experience at the association's annual TLC Fundraiser, offering a glimpse into the heart of LCAR's dedicated efforts to support Tenfold's TLC program. With her enthusiasm and commitment, Wendy highlights how every contribution—no matter the size—makes a meaningful difference.
By Richard Boas III, Berkshire Hathaway HomeServices Homesale Realty December 13, 2024
Recent changes in real estate have been significant to say the least. We've had to adjust by learning new skills, re-learning old ones, and un-learning outdated practices. During these shifts, it's comforting to be part of an association that provides support and benefits to its membership. Are you aware of all the perks LCAR has to offer its members?
More Posts
Share by: