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Housing inventory in Lancaster County is at its highest in four years. PHOTO/GETTY IMAGES
Lancaster County housing inventory continues to rise
Lancaster County‘s current housing inventory is at its highest since November 2020 and continues to rise, according to a report released Tuesday by the Lancaster County Association of REALTORS.
The report comes from the Association’s database, courtesy of Bright MLS, and is released on a monthly rotation.
“Housing inventory continues to rise, but not from new listings,” Lancaster County Association of REALTORS President Jeff Peters stated in a release analyzing the market. “We saw a 9% reduction with new listings compared to July and new pending sales remained relatively flat, with a slight reduction of 1.4%. Closed sales in August also saw a small reduction of 1.7%.”
Peters noted that the median sold price remained at a relatively high $336,000. While there was a slight drop of -2.3% compared to July, the median sold price for August is the third highest on record for the county and a 1.8% increase compared to August of 2023.
The Association’s statistics showed that average days on the market dipped from 19 in July to 16 in August. According to the market analysis, the importance of pricing in a changing market continues to separate homes that move quickly and those that experience price reductions and longer days on the market.
“The expectation of a rate reduction resulting from the countless measures to combat inflation appears to be inevitable as the Federal Reserve meets this week,” said Peters. “Reduced rates will increase purchasing power to the countless buyers waiting for help and could possibly lure home sellers back to the market for a housing change. The current housing inventory in Lancaster is the highest since November of 2020.
“We’ll have to wait to see if reduced rates also reduce the inventory as buyers take advantage of lower rates,” added Peters.
The Lancaster County Association of Realtors was founded in 1917 and lists more than 1,600 members.
