The Lancaster County Housing Market stats for February 2025 are in.

Here are some key takeaways for Buyers:

• Prices Are Higher – The average sales price rose 18% compared to last February, from $321,177 to $382,025. Buyers need to budget accordingly or consider more flexibility on location or home-type options.
• Interest Rates inched Up – Rates are still elevated, which is having an impact on inventory (homeowners with existing mortgages in the 2-3% range are hesitant to give up that low interest rate loan and are therefore not selling).
• Homes Are Selling Quickly – Median days is still very low despite the increased Sale Price and elevated interest rates. Being pre-approved and ready to submit a strong offer is crucial.

Here are some key takeaways for Sellers:

• Slight Drop in Settled Units – There is increased pressure on the already low inventory.  Now is a great time for sellers to get their home on the market, where they will find less competition.
• Strong Price Growth – The significant jump in the average sales price is good news for sellers looking to maximize profits.
• Homes Are Moving Quickly – With the median days to sell at just 8, well-priced and well-marketed homes can attract offers in a short time so working with an experienced agent who has the know-how to properly manage the large amount of interest is key.

Call me today if you are thinking of buying and/or selling a home.  Let my 25 years of working with buyers and sellers get to work for you!