CHAD UMBLE | Staff WriterAfter several months of hovering just below the all-time record high, the median sale price for a home in Lancaster County shot past that mark in June to come in just shy of $350,000, and there are reasons to believe it may go higher this summer.
The median sale price last month for a home in the county was $347,950, the Lancaster County Association of Realtors’ latest housing market statistics report shows. That price was up 6.7% from June 2023 and 4.9% above the previous record high of $331,542 set in September 2023.
“Like the summer heat, sold prices continue to rise in Lancaster,” Jeff Peters, president of the Lancaster County Association of Realtors, said in announcing the monthly figures. “A record-shattering median sold price of $347,950 suggests that values could continue to increase over the summer months.”
Peters pointed to a long-anticipated cut in the Federal Reserve’s benchmark interest rate cut as something that could benefit the local housing market.
“As the Federal Reserve makes progress with their goals relating to their tolerance on inflation numbers and jobs data, interest rates are expected to come down and many buyers and sellers are waiting to take advantage of their opportunities,” Peters said.
The current average rate for a 30-year home loan is 6.77%, down from 6.87% a month ago, according to the latest weekly report by mortgage buyer Freddie Mac. A year ago, the same average rate was 7.02%.
The June report on Lancaster County home sales shows a 1% increase in new listings from May, with 482 new homes coming on the market last month, below the five-year June average of 642. Compared to a year ago, new listings in June were down 4.2% while pending sales and closed sales were also down, dropping 6.2% and 19.4% respectively from June 2023.
The June report shows a home spending an average of 16 days on the market In Lancaster County, down from an average of 21 in May.
Statewide, June was the third consecutive month in which the monthly median sale price set a new record. The median sale price in June was $312,000, up nearly 6% from May when the median sale price was $295,000. The median price is the price at which half of the home sales are higher and the other half are lower.
“One of the primary reasons we’re continuing to see rising home prices is due to the limited supply of available homes,” Bill Lublin, incoming president of the Pennsylvania Realtors Association, said in announcing the monthly sales figures. “The number of listings has increased steadily since the beginning of the year; however, the overall inventory is insufficient to meet the demand. This imbalance pushes prices up as buyers compete for the limited properties available.”
