The Long & Foster Market Minute

Focus On: Lynchburg Area Housing Market June 2021

Units Sold
405
Active Inventory
387
Median Sale Price
$225,000
Days On Market
17
Down -2%
Vs. Year Ago
Down -36%
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -67%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 405 sold this month in Lynchburg Area Real Estate versus 399 last month, an increase of 2%. This month's total units sold was lower than at this time last year, a decrease of 2% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 220 units or 36%. The total number of active inventory this June was 387 compared to 607 in June 2020. This month's total of 387 is higher than the previous month's total supply of available inventory of 355, an increase of 9%.

Median Sale Price
Last June, the median sale price for Lynchburg Area Homes was $198,000. This June, the median sale price was $225,000, an increase of 14% or $27,000 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
503
Current Contracts
414
Sold Vs. List Price
100.2%
Months of Supply
1.0
Up 20%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 1.7%
Vs. Year Ago
Down -35%
Vs. Year Ago

Months of Supply
In June, there was 1.0 months of supply available in Lynchburg Area, compared to 1.5 in June 2020. That is a decrease of 35% 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 503 homes newly listed for sale in Lynchburg Area compared to 419 in June 2020, an increase of 20%. There were 414 current contracts pending sale this June compared to 392 a year ago. The number of current contracts is 6% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Lynchburg Area was 100.2% of the average list price, which is 1.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 51, a decrease of 67%.

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.