The Long & Foster Market Minute

Focus On: Lynchburg Area Housing Market March 2021

Units Sold
315
Active Inventory
339
Median Sale Price
$212,000
Days On Market
32
Down -4%
Vs. Year Ago
Down -56%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -44%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 315 sold this month in Lynchburg Area Real Estate versus 256 last month, an increase of 23%. This month's total units sold was lower than at this time last year, a decrease of 4% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 437 units or 56%. The total number of active inventory this March was 339 compared to 776 in March 2020. This month's total of 339 is lower than the previous month's total supply of available inventory of 353, a decrease of 4%.

Median Sale Price
Last March, the median sale price for Lynchburg Area Homes was $193,200. This March, the median sale price was $212,000, an increase of 10% or $18,800 compared to last year. The current median sold price is 9% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
418
Current Contracts
402
Sold Vs. List Price
99.4%
Months of Supply
1.1
Down -5%
Vs. Year Ago
Up 22%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Down -54%
Vs. Year Ago

Months of Supply
In March, there was 1.1 months of supply available in Lynchburg Area, compared to 2.4 in March 2020. That is a decrease of 54% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 418 homes newly listed for sale in Lynchburg Area compared to 440 in March 2020, a decrease of 5%. There were 402 current contracts pending sale this March compared to 330 a year ago. The number of current contracts is 22% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Lynchburg Area was 99.4% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 57, a decrease of 44%.

The Long & Foster Market Minute *Defined as the counties of Amherst, Appomattox, Bedford County, Campbell, and the cities of Bedford and Lynchburg in VA
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by LAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of LAR or Long & Foster Real Estate, Inc.