e Pennsylvania real estate market continues to thrive post-lockdown and the September market statistics are in. Let’s talk through what has been going on the past few months with the Lancaster County real estate market.
Average sales prices in Lancaster are up over 17% from September last year. Low inventory levels and high demand are driving multiple offer situations on virtually all well-priced listings within days of hitting the market. Average 30-year fixed Interest rates are still under 3%.
Listing Inventory & Units Sold – Just about the same inventory numbers as last year (+3.9%); however, there are more buyers in the marketplace (+16.3%) chasing the limited number of homes. This has made it incredibly important that buyers get prequalified and are working with a reputable local lender.
Median Days on Market – We are now under one week! Buyers need to move fast if they want to compete. The days of “thinking about it” overnight are gone for the foreseeable future.
Average Interest Rate – Still under 3% on a thirty-year, fixed-rate mortgage. Compared to last year, obtaining a $250,000 mortgage is $93 less expensive – – – and over $33,000 less over the life of the loan.