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.
Housing Prices in Lynchburg, VA
How much do homes in Lynchburg, VA cost?
Median Sold Price
$266,565
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lynchburg was $266,565 in May 2024, up 6.6% 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 | $151.2K | $172K | +13.7% |
3 Bedrooms | $248.7K | $264.7K | +6.4% |
4 Bedrooms | $290.5K | $311.2K | +7.1% |
5+ Bedrooms | $409.2K | $441.5K | +7.9% |
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 13.7%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 7.9%.
Median Sold Price Compared To Nearby Cities
Madison Heights | $213.3K | $250K | +17.2% |
Lynchburg | $249.4K | $268.1K | +7.5% |
Lynchburg | $249.9K | $266.5K | +6.6% |
Timberlake | $275K | $285K | +3.6% |
Jefferson | $425K | $417K | -1.9% |
Housing Supply in Lynchburg, VA
How many homes are available in Lynchburg, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
300 | 499 | +66.3% |
Summary: The Lynchburg real estate market had 499 homes for sale in May 2024, a 66.3% 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 | 51 | 88 | +72.5% |
3 Bedrooms | 140 | 218 | +55.7% |
4 Bedrooms | 78 | 132 | +69.2% |
5+ Bedrooms | 29 | 55 | +89.7% |
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 72.5%, 3 bedroom homes increased by 55.7%, 4 bedroom homes increased by 69.2%, and 5+ bedroom homes increased by 89.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
122 | 121 | -0.8% |
Asking Price vs. Sold Price
38 Homes Were Sold
Under Asking
44 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Summary: A total of 121 homes were sold or pending in Lynchburg in May 2024, down by 0.8% month-over-month. Of the 121 sold homes, 31% were sold under asking, 36% 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 | +4.1% |
Summary: Homes in Lynchburg had an average of 13 days on market in May 2024, up by 4.1% compared to last year.
Breakdown of Home Sale Times
103 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 121 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.