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 October 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

$280,000

$158/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,017(+9.8%)

Key Takeaway

Homes in Lynchburg have sold for 9.8% more than they did a year ago.

Summary: The median home sold price in Lynchburg was $280,000 in October 2024, up 9.8% from last year, and the median price per square foot was $158.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $209K$148.5K
-28.9%
2 $167.5K$170.3K
+1.7%
3 $250K$275K
+10.0%
4 $301K$328K
+9.0%
5+ $460K$427.5K
-7.1%

Summary: Lynchburg housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 28.9%, 2 bedroom homes increased by 1.7%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 9%, and 5+ bedroom homes decreased by 7.1%.

Median Sold Price Compared To Nearby Cities

Timberlake
+10.5%
Lynchburg
+9.8%
Lynchburg
+9.8%
Concord
+3.9%
Sunburst
-0.6%

Housing Supply in Lynchburg, VA

How many homes are available in Lynchburg, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
465443-4.7%

Summary: The Lynchburg real estate market had 443 homes for sale in October 2024, a 4.7% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 47
+75.0%
2 9086
-4.4%
3 207203
-1.9%
4 110104
-5.5%
5+ 5443
-20.4%

Summary: The Lynchburg housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes decreased by 4.4%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes decreased by 5.5%, and 5+ bedroom homes decreased by 20.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
12691-27.8%

Asking Price vs. Sold Price

37 Homes Were Sold
Under Asking

30 Homes Were Sold
At Asking

24 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lynchburg, you may be able to get a good deal. 40.7% of homes here sold below asking price last month.

Summary: A total of 91 homes were sold or pending in Lynchburg in October 2024, down by 27.8% month-over-month. Of the 91 sold homes, 41% were sold under asking, 33% were sold at asking, and 26% 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

Oct 2023Oct 2024CHANGE
24 Days30 Days+24.9%

Summary: Homes in Lynchburg had an average of 30 days on market in Oct 2024, up by 24.9% compared to last year.

Breakdown of Home Sale Times

55 Homes Were Sold
Under 30 Days

25 Homes Were Sold
In 30 - 90 Days

9 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 October 2024, 91 homes were sold in Lynchburg; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 10% 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 20 Days Ago

Newest Listings in Lynchburg, VA

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