The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market June 2017
Units Sold
115
Active Inventory
296
Median Sale Price
$164,900
Days On Market
88
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 15%
Vs. Year Ago
Down -41%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -10%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in June, with 115 sold this month in Lynchburg City Real Estate versus 116 last month, a decrease of 1%. This month's total units sold was higher than at this time last year, an increase of 15% versus June 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 208 units or 41%. The total number of active inventory this June was 296 compared to 504 in June 2016. This month's total of 296 is lower than the previous month's total supply of available inventory of 341, a decrease of 13%.

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Median Sale Price
Last June, the median sale price for Lynchburg City Homes was $136,700. This June, the median sale price was $164,900, an increase of 21% or $28,200 compared to last year. The current median sold price is 19% 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.

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New Listings
137
Current Contracts
153
Sold Vs. List Price
97.4%
Months of Supply
2.6
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -8%
Vs. Year Ago
Up 78%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Down -49%
Vs. Year Ago
Months of Supply
In June, there was 2.6 months of supply available in Lynchburg City, compared to 5.0 in June 2016. That is a decrease of 49% 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.

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New Listings & Current Contracts
This month there were 137 homes newly listed for sale in Lynchburg City compared to 149 in June 2016, a decrease of 8%. There were 153 current contracts pending sale this June compared to 86 a year ago. The number of current contracts is 78% higher than last June.

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Sale Price to List Price Ratio
In June, the average sale price in Lynchburg City was 97.4% of the average list price, which is 0.5% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 88, lower than the average last year, which was 98, a decrease of 10%.

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*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.