Is Lynchburg, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lynchburg has remained a Seller's Market.
Key Takeaway
Lynchburg is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lynchburg, VA
How much do homes in Lynchburg, VA cost?
Median Sold Price
$268,180
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lynchburg have sold for 7.5% more than they did a year ago.
Summary: The median home sold price in Lynchburg was $268,180 in May 2024, up 7.5% from last year, and the median price per square foot was $152.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165.6K | $170K | +2.6% |
| 2 Bedrooms | $151.7K | $171K | +12.7% |
| 3 Bedrooms | $246.6K | $264.9K | +7.5% |
| 4 Bedrooms | $290.9K | $311.8K | +7.2% |
| 5+ Bedrooms | $414.5K | $450.7K | +8.7% |
Summary: Lynchburg housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.6%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes increased by 8.7%.
Housing Supply in Lynchburg, VA
How many homes are available in Lynchburg, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 297 | 499 | +68.0% |
Summary: The Lynchburg real estate market had 499 homes for sale in May 2024, a 68.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 6 | +200.0% |
| 2 Bedrooms | 50 | 88 | +76.0% |
| 3 Bedrooms | 139 | 219 | +57.6% |
| 4 Bedrooms | 78 | 132 | +69.2% |
| 5+ Bedrooms | 28 | 54 | +92.9% |
Summary: The Lynchburg housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 76%, 3 bedroom homes increased by 57.6%, 4 bedroom homes increased by 69.2%, and 5+ bedroom homes increased by 92.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 121 | 123 | +1.7% |
Asking Price vs. Sold Price
38 Homes Were Sold
Under Asking
46 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lynchburg, expect to pay close to the asking price. 37.4% of homes here sold near the asking price last month.
Summary: A total of 123 homes were sold or pending in Lynchburg in May 2024, up by 1.7% month-over-month. Of the 123 sold homes, 31% were sold under asking, 37% were sold at asking, and 32% were sold over asking.
Days on Market for Lynchburg, VA
How long does it take to sell a home in Lynchburg, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 13 Days | +2.7% |
Summary: Homes in Lynchburg had an average of 13 days on market in May 2024, up by 2.7% compared to last year.
Breakdown of Home Sale Times
105 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lynchburg are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 123 homes were sold in Lynchburg; 85% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this web site does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed regularly, but its accuracy is subject to market changes. 
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement. 
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user.