The housing market stats for Lancaster County look very similar to last August. Settled Properties, Average Days on Market and Average Sales Price are all very similar. One key difference is the outlook on inflation and the resulting impact on mortgage interest rates. Heading into last fall all projections were for rates to continue to rise as inflation rose. That kept many homeowners on the fence, not wanting to let go of their super low mortgage rate on their current home. This year we are seeing the opposite. The outlook on inflation has improved which could help drop interest rates back down to the low 6’s. This could help give more confidence to sellers to go ahead and sell. If you are thinking about buying and/or selling a home in Lancaster County I am happy to talk with you about how the market conditions should help guide your decisions.
August 15, 2023