Is Lynchburg, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Lynchburg has remained a Seller's Market.
Housing Prices in Lynchburg, VA
How much do homes in Lynchburg, VA cost?
Median Sold Price
$259,986
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Lynchburg was $259,986 in March 2024, up 13.1% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150.7K | $179.9K | +19.4% |
2 Bedrooms | $145K | $170K | +17.2% |
3 Bedrooms | $229.6K | $254.8K | +10.9% |
4 Bedrooms | $275.1K | $305.7K | +11.1% |
5+ Bedrooms | $409.2K | $435.7K | +6.5% |
Summary: Lynchburg housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.4%, 2 bedroom homes increased by 17.2%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 6.5%.
Median Sold Price Compared To Nearby Cities
Lynchburg | $229.8K | $259.9K | +13.1% |
Lynchburg | $242.9K | $259.9K | +7.0% |
Madison Heights | $219.9K | $234.9K | +6.8% |
Jefferson | $412.7K | $420K | +1.8% |
Timberlake | $285K | $280K | -1.8% |
Housing Supply in Lynchburg, VA
How many homes are available in Lynchburg, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
243 | 385 | +58.4% |
Summary: The Lynchburg real estate market had 385 homes for sale in March 2024, a 58.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 4 | +100.0% |
2 Bedrooms | 36 | 55 | +52.8% |
3 Bedrooms | 127 | 184 | +44.9% |
4 Bedrooms | 55 | 111 | +101.8% |
5+ Bedrooms | 23 | 31 | +34.8% |
Summary: The Lynchburg housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 52.8%, 3 bedroom homes increased by 44.9%, 4 bedroom homes increased by 101.8%, and 5+ bedroom homes increased by 34.8%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
106 | 95 | -10.4% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
39 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Summary: A total of 95 homes were sold or pending in Lynchburg in March 2024, down by 10.4% month-over-month. Of the 95 sold homes, 34% were sold under asking, 41% were sold at asking, and 25% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
22 Days | 26 Days | +19.5% |
Summary: Homes in Lynchburg had an average of 26 days on market in Mar 2024, up by 19.5% compared to last year.
Breakdown of Home Sale Times
67 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During March 2024, 95 homes were sold in Lynchburg; 71% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.