Lancaster, PA—17602
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lancaster, PA
As of Oct '25, the median home price in Lancaster, PA is $308,000, with a year-over-year change of 3.7%. This indicates that home prices in Lancaster, PA are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $308,000 | 3.7% |
| Single Family | $308,000 | 3.7% |
| Condos | $310,000 | 2.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $212,000 | 2.9% |
2 Bed | $256,000 | 2.8% |
3 Bed | $296,000 | 3.9% |
4 Bed | $400,000 | 4.7% |
| 5 Bed | $341,000 | 4.3% |
% of Housing Stock
Rental Trends — Lancaster, PA
As of July '25, Rentcast reports the average rent in Lancaster, PA is $1,540, with a year-over-year rent change of 14.9%. Per bedroom, the median rent as of July '25 in Lancaster, PA is studios: $997, 1-bedrooms: $1,250, 2-bedrooms: $1,600, 3-bedrooms: $1,750, 4-bedrooms: $1,830. The most common rental property sizes in Lancaster, PA are 2-bedroom and 1-bedroom, accounting for 42.3% and 24.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,540 |
| Studio Rent | $955 | $997 |
| 1 Bed Rent | $1,130 | $1,250 |
| 2 Bed Rent | $1,580 | $1,600 |
| 3 Bed Rent | $1,620 | $1,750 |
| 4 Bed Rent | $1,780 | $1,830 |
% of Rental Stock
Property Listings — Lancaster, PA
As of Oct '25, Realtor.com reports that the median days on market for a home in Lancaster, PA is 29. This is a increase of 8.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $315,000 | 17.0% |
Listing Count | 110 | 14.0% |
| Listings as % of Homes | 0.4% | 14.0% |
Days on Market | 29 | 8.0% |
Demographics — Lancaster, PA
As of the latest ACS Survey released in 2023, Lancaster, PA has a population of 51,500, which has remained stable by 0.8% over the past 5 years. Lancaster, PA is a moderately popular place for families, as children make up 22.0% of the population. The area has a moderately educated workforce, with 28.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 51,500 | 0.8% |
% Under 18 | 22.0% | -0.5% |
% Seniors | 16.6% | 5.1% |
% WFH | 8.0% | 135.3% |
% w/ College Degree | 28.4% | 10.5% |
As of the latest ACS Survey released in 2023, Lancaster, PA is a predominantly white area, with 52.0% of the population identifying as white. The white population has shrunk by 5.8% in the last 5 years. The second most common race or ethnicity in Lancaster, PA is hispanic, making up 32.4% of the population. Foreign-born residents account for 13.0% of the population in Lancaster, PA, and this percentage has increased by 35.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 52.0% | -5.8% |
% Black | 14.5% | -0.7% |
% Hispanic | 32.4% | 18.2% |
% Asian | 2.0% | -41.2% |
% Foreign Born | 13.0% | 35.4% |
Mortgage and Risk — Lancaster, PA
According to HUD data as of 2023, there were 828 mortgage originations in Lancaster, PA, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Lancaster, PA. Investor activity is low, as 5.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 828 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Lancaster, PA
As of 2024, the percent of homes in Lancaster, PA under the Section 8 program is 13.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Lancaster, PA, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,503 |
Total Units Section 8 | 1,034 |
% Rentals under Section 8 | 13.0% |
% Occupied Section 8 | 78.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $0 | $1,130 | $1,130 |
| 2 Bedroom | -$160 | $1,580 | $1,420 |
| 3 Bedroom | $230 | $1,620 | $1,850 |
| 4 Bedroom | $100 | $1,780 | $1,880 |
Affordability — Lancaster, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $308,000 |
| Median Household Income | $71,800 |