Is Lynchburg, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lynchburg is a 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

$266,565

$152/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$16,579(+6.6%)

Key Takeaway

Homes in Lynchburg have sold for 6.6% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $165.6K$170K
+2.6%
2 $151.2K$172K
+13.7%
3 $248.7K$264.7K
+6.4%
4 $290.5K$311.2K
+7.1%
5+ $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
+17.2%
Lynchburg
+7.5%
Lynchburg
+6.6%
Timberlake
+3.6%
Jefferson
-1.9%

Housing Supply in Lynchburg, VA

How many homes are available in Lynchburg, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
300499+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

# BEDSApr 2024May 2024CHANGE
1 26
+200.0%
2 5188
+72.5%
3 140218
+55.7%
4 78132
+69.2%
5+ 2955
+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 2024May 2024CHANGE
122121-0.8%

Asking Price vs. Sold Price

38 Homes Were Sold
Under Asking

44 Homes Were Sold
At Asking

39 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lynchburg, expect to pay close to the asking price. 36.4% of homes here sold near the asking price last month.

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 2023May 2024CHANGE
12 Days13 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lynchburg are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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