Metropolitan Statistical Area (MSA):
Lancaster, PA is a Metropolitan Statistical Area (MSA) comprising counties including Lancaster County.
There is no doubt that the Lancaster, PA metropolitan statistical area (MSA) has seen some major changes in the housing market over the past few years. The most notable change has been the rise in prices for both buyers and sellers.
The average price for a home in Lancaster County was $169,000 in 2017, which was a 7.4% increase from 2016. This trend has continued into 2018 with prices rising even higher. The main reason for this is the strong economy and job market in Lancaster County which has led to more people moving into the area and competing for homes.
Another trend that we are seeing is an increase in new construction homes being built. This is due to the high demand for housing as well as the fact that land prices have gone up significantly over the past few years. Developers are taking advantage of this by building more new homes which are selling quickly.
If you are thinking of buying or selling a home in Lancaster County, now is a great time to do so. Prices are at all-time highs and there is no sign of them slowing down anytime soon. If you have any questions about real estate trends or anything else related to buying or selling a home, please don’t hesitate to contact me!