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
$264,764
$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 $264,764 in April 2024, up 8.4% 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 | $184.9K | $170K | -8.1% |
2 Bedrooms | $151K | $170K | +12.6% |
3 Bedrooms | $240K | $259.9K | +8.3% |
4 Bedrooms | $290K | $311.4K | +7.4% |
5+ Bedrooms | $400K | $435.7K | +8.9% |
Summary: Lynchburg housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.1%, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 8.9%.
Housing Supply in Lynchburg, VA
How many homes are available in Lynchburg, VA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
242 | 431 | +78.1% |
Summary: The Lynchburg real estate market had 431 homes for sale in April 2024, a 78.1% 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 | 71 | +184.0% |
3 Bedrooms | 124 | 206 | +66.1% |
4 Bedrooms | 72 | 110 | +52.8% |
5+ Bedrooms | 18 | 41 | +127.8% |
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 184%, 3 bedroom homes increased by 66.1%, 4 bedroom homes increased by 52.8%, and 5+ bedroom homes increased by 127.8%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
103 | 116 | +12.6% |
Asking Price vs. Sold Price
34 Homes Were Sold
Under Asking
45 Homes Were Sold
At Asking
37 Homes Were Sold
Over Asking
Summary: A total of 116 homes were sold or pending in Lynchburg in April 2024, up by 12.6% month-over-month. Of the 116 sold homes, 29% were sold under asking, 39% 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 | +40.5% |
Summary: Homes in Lynchburg had an average of 20 days on market in Apr 2024, up by 40.5% compared to last year.
Breakdown of Home Sale Times
89 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, 116 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.