The Long & Foster Market Minute

Focus On: Lynchburg City Housing Market June 2021

Units Sold
136
Active Inventory
101
Median Sale Price
$204,950
Days On Market
10
Up 14%
Vs. Year Ago
Down -36%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -60%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 136 sold this month in Lynchburg City Real Estate versus 126 last month, an increase of 8%. This month's total units sold was higher than at this time last year, an increase of 14% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 57 units or 36%. The total number of active inventory this June was 101 compared to 158 in June 2020. This month's total of 101 is higher than the previous month's total supply of available inventory of 72, an increase of 40%.

Median Sale Price
Last June, the median sale price for Lynchburg City Homes was $181,900. This June, the median sale price was $204,950, an increase of 13% or $23,050 compared to last year. The current median sold price is 5% higher than in May.

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


New Listings
161
Current Contracts
120
Sold Vs. List Price
100.7%
Months of Supply
0.7
Up 19%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 1.4%
Vs. Year Ago
Down -44%
Vs. Year Ago

Months of Supply
In June, there was 0.7 months of supply available in Lynchburg City, compared to 1.3 in June 2020. That is a decrease of 44% 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 161 homes newly listed for sale in Lynchburg City compared to 135 in June 2020, an increase of 19%. There were 120 current contracts pending sale this June compared to 116 a year ago. The number of current contracts is 3% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Lynchburg City was 100.7% of the average list price, which is 1.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 10, lower than the average last year, which was 25, a decrease of 60%.

The Long & Foster Market Minute
*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.