🏡 2024 Real Estate Market Update: Lancaster & Palmdale, California

Overview: The October 2024 market trends show that both Lancaster and Palmdale remain in a "Seller's Market." This means there are more people looking to buy homes than there are homes available, giving sellers an advantage. Here’s a closer look at each area:

Source: Data obtained from the local MLS (Multiple Listing Service) reports for Lancaster and Palmdale.

Lancaster, California

• Market Type: Seller's Market

• Months of Inventory: 2.99
  What this means: "Months of Inventory" tells us how long it would take to sell all the homes currently on the market if no new homes were listed. Lancaster’s 2.99 months of inventory is low, meaning houses are in high demand and may sell quickly.

• List to Sold Price Ratio: 99.6%
  What this means: This ratio shows how close homes are selling to their listing price. A 99.6% ratio means that most homes are selling for about 99.6% of the price they were listed for, so buyers are negotiating just a bit below the asking price.

• Median Days on Market: 27 days
  What this means: "Median Days on Market" is the middle point for how long homes stay on the market before being sold. In Lancaster, homes are taking around 27 days to sell, which is pretty fast and shows strong demand.

• Median Sold Price: $475,000
  What this means: The "Median Sold Price" is the middle price point for homes that have sold, meaning half of the homes sold for more than $475,000 and half sold for less. Lancaster’s median price dropped by 5% this month, giving buyers a bit more affordability.

Palmdale, California

• Market Type: Seller's Market

• Months of Inventory: 2.58
  What this means: With only 2.58 months of inventory, Palmdale has even fewer homes available for sale than Lancaster. This low supply creates more competition among buyers.

• List to Sold Price Ratio: 100%
  What this means: Homes in Palmdale are generally selling at their full asking price. This shows that sellers are getting exactly what they’re asking for.

• Median Days on Market: 32 days
  What this means: Homes in Palmdale are taking a bit longer to sell compared to Lancaster, with a median time of 32 days on the market. This increase may suggest that some buyers are taking more time to consider their options.

• Median Sold Price: $515,000
  What this means: The median price in Palmdale has gone up by 2.08% this month. This higher price point shows that demand in Palmdale remains strong.

In Summary: Lancaster and Palmdale are still in a Seller’s Market, meaning there’s an advantage for sellers due to limited inventory. Lancaster homes are selling quickly, and Palmdale is seeing price growth with homes generally selling for full price.

If you’re interested in buying or selling in Lancaster or Palmdale, reach out to discuss the best approach in this market!

Source: Data provided by the local MLS reports for Lancaster and Palmdale.