GREATER LYNCHBURG HOUSING MARKET DATA

There was an increase in total units sold in January, with 111 sold this month in Greater Lynchburg Real Estate versus 105 last month, an increase of 6%. This month's total units sold was higher than at this time last year, an increase of 26% versus January 2024.

Versus last year, the total number of homes available this month is higher by 23 units or 11%. The total number of active inventory this January was 234 compared to 211 in January 2024. This month's total of 234 is lower than the previous month's total supply of available inventory of 239, a decrease of 2%.

Last January, the median sale price for Greater Lynchburg Homes was $275,000. This January, the median sale price was $270,000, a decrease of 2% or $5,000 compared to last year. The current median sold price is 4% lower than in December.

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

In January, there was 2.1 months of supply available in Greater Lynchburg, compared to 2.4 in January 2024. That is a decrease of 12% 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.

This month there were 138 homes newly listed for sale in Greater Lynchburg compared to 160 in January 2024, a decrease of 14%. There were 102 current contracts pending sale this January compared to 121 a year ago. The number of current contracts is 16% lower than last January.

In January, the average sale price in Greater Lynchburg was 99.2% of the average list price, which is 0.7% higher than at this time last year.

This month, the average number of days on market was 49, higher than the average last year, which was 33, an increase of 48%.





FOCUS ON: GREATER LYNCHBURG HOUSING MARKET			JANUARY 2025

Zip Code(s): 24502, 24501, 24503 and 24504
Units Sold 111	Active Inventory 234	Median Sale Price $270,000	Days On Market 49

Up 26% Vs. Year Ago	Up 11% Vs. Year Ago	Down -2% Vs. Year Ago	Up 48% Vs. Year Ago


		Units Sold There was an increase in total units sold in January, with 111 sold this month in Greater Lynchburg Real Estate versus 105 last month, an increase of 6%. This month's total units sold was higher than at this time last year, an increase of 26% versus January 2024.
Active Inventory Versus last year, the total number of homes available this month is higher by 23 units or 11%. The total number of active inventory this January was 234 compared to 211 in January 2024. This month's total of 234 is lower than the previous month's total supply of available inventory of 239, a decrease of 2%.
		Median Sale Price Last January, the median sale price for Greater Lynchburg Homes was $275,000. This January, the median sale price was $270,000, a decrease of 2% or $5,000 compared to last year. The current median sold price is 4% lower than in December. 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 102	Sold Vs. List Price 99.2%	Months of Supply 2.1

Down -14% Vs. Year Ago	Down -16% Vs. Year Ago	Up 0.7% Vs. Year Ago	Down -12% Vs. Year Ago


		Months of Supply In January, there was 2.1 months of supply available in Greater Lynchburg, compared to 2.4 in January 2024. That is a decrease of 12% 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 Greater Lynchburg compared to 160 in January 2024, a decrease of 14%. There were 102 current contracts pending sale this January compared to 121 a year ago. The number of current contracts is 16% lower than last January.
		Sale Price to List Price Ratio In January, the average sale price in Greater Lynchburg was 99.2% of the average list price, which is 0.7% higher than at this time last year. Days on Market This month, the average number of days on market was 49, higher than the average last year, which was 33, an increase of 48%.


	Greater Lynchburg are defined as properties listed in zip code/s 24502, 24501, 24503 and 24504.
	*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.
	Information 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.