Is Lynchburg, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$264,966
$151/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Lynchburg was $264,966 in April 2024, up 15.2% from last year, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $170K | $170K | 0.0% |
2 Bedrooms | $147K | $170.6K | +16.1% |
3 Bedrooms | $230K | $259.9K | +13.0% |
4 Bedrooms | $275.2K | $311.2K | +13.1% |
5+ Bedrooms | $419K | $430K | +2.6% |
Summary: Lynchburg housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 16.1%, 3 bedroom homes increased by 13%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes increased by 2.6%.
Median Sold Price Compared To Nearby Cities
Lynchburg | $230K | $264.9K | +15.2% |
Madison Heights | $214K | $243K | +13.6% |
Lynchburg | $244.3K | $264.7K | +8.4% |
Jefferson | $416.3K | $415.6K | -0.2% |
Timberlake | $287.4K | $280K | -2.6% |
Housing Supply in Lynchburg, VA
How many homes are available in Lynchburg, VA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
243 | 436 | +79.4% |
Summary: The Lynchburg real estate market had 436 homes for sale in April 2024, a 79.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 3 | 0.0% |
2 Bedrooms | 25 | 72 | +188.0% |
3 Bedrooms | 125 | 208 | +66.4% |
4 Bedrooms | 71 | 111 | +56.3% |
5+ Bedrooms | 19 | 42 | +121.1% |
Summary: The Lynchburg housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 188%, 3 bedroom homes increased by 66.4%, 4 bedroom homes increased by 56.3%, and 5+ bedroom homes increased by 121.1%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
103 | 117 | +13.6% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
45 Homes Were Sold
At Asking
37 Homes Were Sold
Over Asking
Summary: A total of 117 homes were sold or pending in Lynchburg in April 2024, up by 13.6% month-over-month. Of the 117 sold homes, 30% were sold under asking, 38% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
14 Days | 20 Days | +43.5% |
Summary: Homes in Lynchburg had an average of 20 days on market in Apr 2024, up by 43.5% compared to last year.
Breakdown of Home Sale Times
90 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During April 2024, 117 homes were sold in Lynchburg; 77% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.