Lancaster County homebuyers have an increased opportunity to find a home as inventory continues to rise.
According to the Lancaster County Association of REALTORS, inventory in July increased 8.5% in July compared to June and 14.9% compared to a year ago.
Jeff Peters, president, Lancaster Association of REALTORS, said, “The increase in inventory wasn’t exclusively due to new listings though, we have seen homes stay on the market for a longer period of time and we are now experiencing more price reductions than in previous years.”
The July 2024 Housing Market Statistics for Lancaster County, distributed by the association, come from its official database, courtesy of Bright MLS.
“New pending sales remained relatively flat, but we did experience a 4.4% reduction from the previous month,” Peters said.
Closed sales stayed in double digits at a 13.3% increase from June and an 8.4% increase from a year ago. Peters said the median sold price dipped slightly to $343,750 resulting in a 1.2% decrease from June, but it was up 7.4% from a year ago.
“Anticipated rate reductions in the near future have buyers optimistic about their chances to own a home, but that could come with the consequences of increased property values and a competitive environment that some buyers retreated from,” Peters said. “Stay tuned to see if home prices continue to rise or if we’re getting close to topping out.”
