The Long & Foster Market Minute

Focus On: Lynchburg City Housing Market May 2018

Units Sold
119
Active Inventory
243
Median Sale Price
$153,500
Days On Market
67
Up 1%
Vs. Year Ago
Down -28%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -17%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 119 sold this month in Lynchburg City Real Estate versus 94 last month, an increase of 27%. This month's total units sold was higher than at this time last year, an increase of 1% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 96 units or 28%. The total number of active inventory this May was 243 compared to 339 in May 2017. This month's total of 243 is lower than the previous month's total supply of available inventory of 252, a decrease of 4%.

Median Sale Price
Last May, the median sale price for Lynchburg City Homes was $138,450. This May, the median sale price was $153,500, an increase of 11% or $15,050 compared to last year. The current median sold price is 2% higher than in April.

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


New Listings
138
Current Contracts
129
Sold Vs. List Price
98.5%
Months of Supply
2.0
Up 10%
Vs. Year Ago
Up 16%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In May, there was 2.0 months of supply available in Lynchburg City, compared to 2.9 in May 2017. That is a decrease of 29% 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 138 homes newly listed for sale in Lynchburg City compared to 125 in May 2017, an increase of 10%. There were 129 current contracts pending sale this May compared to 111 a year ago. The number of current contracts is 16% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Lynchburg City was 98.5% of the average list price, which is 0.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 67, lower than the average last year, which was 81, a decrease of 17%.

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.