Lancaster, SC—29720
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lancaster, SC
As of Oct '25, the median home price in Lancaster, SC is $279,000, with a year-over-year change of -4.1%. This indicates that home prices in Lancaster, SC are decreasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $279,000 | -4.1% |
| Single Family | $279,000 | -4.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $193,000 | -2.5% |
3 Bed | $300,000 | -1.0% |
4 Bed | $457,000 | -0.7% |
| 5 Bed | $573,000 | -0.5% |
% of Housing Stock
Rental Trends — Lancaster, SC
As of July '25, Rentcast reports the average rent in Lancaster, SC is $1,580, with a year-over-year rent change of -5.4%. Per bedroom, the median rent as of July '25 in Lancaster, SC is studios: $750, 1-bedrooms: $860, 2-bedrooms: $1,050, 3-bedrooms: $2,060, 4-bedrooms: $2,920. The most common rental property sizes in Lancaster, SC are 2-bedroom and 3-bedroom, accounting for 54.5% and 26.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,580 |
| Studio Rent | $750 | $750 |
| 1 Bed Rent | $850 | $860 |
| 2 Bed Rent | $975 | $1,050 |
| 3 Bed Rent | $2,000 | $2,060 |
| 4 Bed Rent | $2,820 | $2,920 |
% of Rental Stock
Property Listings — Lancaster, SC
As of Oct '25, Realtor.com reports that the median days on market for a home in Lancaster, SC is 56. This is a increase of 17.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $376,000 | 15.0% |
Listing Count | 354 | 40.0% |
| Listings as % of Homes | 1.0% | 40.0% |
Days on Market | 56 | 17.0% |
Demographics — Lancaster, SC
As of the latest ACS Survey released in 2023, Lancaster, SC has a population of 51,600, which has increased by 8.0% over the past 5 years. Lancaster, SC is a moderately popular place for families, as children make up 20.9% of the population. The area has a poorly educated workforce, with 22.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 51,600 | 8.0% |
% Under 18 | 20.9% | -5.4% |
% Seniors | 19.7% | 13.9% |
% WFH | 8.6% | 207.1% |
% w/ College Degree | 22.2% | 52.1% |
As of the latest ACS Survey released in 2023, Lancaster, SC is a predominantly white area, with 62.1% of the population identifying as white. The white population has shrunk by 0.8% in the last 5 years. The second most common race or ethnicity in Lancaster, SC is black, making up 26.2% of the population. Foreign-born residents account for 5.8% of the population in Lancaster, SC, and this percentage has increased by 75.8% 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 | 62.1% | -0.8% |
% Black | 26.2% | -10.3% |
% Hispanic | 8.3% | 59.6% |
% Asian | 0.7% | -12.5% |
% Foreign Born | 5.8% | 75.8% |
Mortgage and Risk — Lancaster, SC
According to HUD data as of 2023, there were 1247 mortgage originations in Lancaster, SC, of which 70.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Lancaster, SC. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,247 |
% Conventional Loans | 70.0% |
% Government Loans | 30.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Lancaster, SC
As of 2024, the percent of homes in Lancaster, SC under the Section 8 program is 9.8%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Lancaster, SC, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 605 |
Total Units Section 8 | 449 |
% Rentals under Section 8 | 9.8% |
% Occupied Section 8 | 90.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $90 | $850 | $940 |
| 2 Bedroom | $75 | $975 | $1,050 |
| 3 Bedroom | -$570 | $2,000 | $1,430 |
| 4 Bedroom | -$1,240 | $2,820 | $1,580 |
Affordability — Lancaster, SC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $279,000 |
| Median Household Income | $59,000 |