The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market October 2016
Units Sold
86
Active Inventory
438
Median Sale Price
$125,000
Days On Market
107
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 1%
Vs. Year Ago
Down -21%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 7%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in October, with 86 sold this month in Lynchburg City Real Estate versus 98 last month, a decrease of 12%. This month's total units sold was higher than at this time last year, an increase of 1% versus October 2015.

Click here to compare the units sold of this area against other locations.
Active Inventory
Versus last year, the total number of homes available this month is lower by 114 units or 21%. The total number of active inventory this October was 438 compared to 552 in October 2015. This month's total of 438 is lower than the previous month's total supply of available inventory of 441, a decrease of 1%.

Click here to compare the active inventory of this area against other locations.
Median Sale Price
Last October, the median sale price for Lynchburg City Homes was $135,000. This October, the median sale price was $125,000, a decrease of 7% or $10,000 compared to last year. The current median sold price is 21% lower than in September.

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

Click here to compare the median sale price of this area against other locations.
New Listings
126
Current Contracts
87
Sold Vs. List Price
96.9%
Months of Supply
5.1
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 20%
Vs. Year Ago
Up 26%
Vs. Year Ago
No Change
Vs. Year Ago
Down -22%
Vs. Year Ago
Months of Supply
In October, there was 5.1 months of supply available in Lynchburg City, compared to 6.5 in October 2015. That is a decrease of 22% 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.

Click here to compare the months of supply of this area against other locations.
New Listings & Current Contracts
This month there were 126 homes newly listed for sale in Lynchburg City compared to 105 in October 2015, an increase of 20%. There were 87 current contracts pending sale this October compared to 69 a year ago. The number of current contracts is 26% higher than last October.

Click here to compare the new listings of this area against other locations.

Click here to compare the current contracts of this area against other locations.
Sale Price to List Price Ratio
In October, the average sale price in Lynchburg City was 96.9% of the average list price, which is similar compared to a year ago.

Click here to compare the sale price to list price ratio of this area against other locations.
Days on Market
This month, the average number of days on market was 107, higher than the average last year, which was 100, an increase of 7%.

Click here to compare the days on market of this area against other locations.
*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.