Mike's Weekly Altos Research Reports

Lynchburg, VA

Single-Family Homes

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Lynchburg, VA

Mon Nov 25 2024
This week the median list price for Lynchburg, VA is $267,449 with the market action index hovering around 43. This is less than last month's market action index of 44. Inventory has decreased to 192. Click here to stay informed with the Lynchburg market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

Market Narrative

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’ll be looking for a persistent downward trend. If we see a persistent trend, especially if the MAI falls from the Seller’s Market zone to the Buyer’s Market zone, expect downward pressure on prices. There is already some evidence prices moving lower.

Lynchburg, VA

Mon Nov 25 2024
This week the median list price for Lynchburg, VA is $267,449 with the market action index hovering around 43. This is less than last month's market action index of 44. Inventory has decreased to 192. Click here to stay informed with the Lynchburg market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

Market Narrative

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’ll be looking for a persistent downward trend. If we see a persistent trend, especially if the MAI falls from the Seller’s Market zone to the Buyer’s Market zone, expect downward pressure on prices. There is already some evidence prices moving lower.

Real-Time Market Profile

Never miss important changes in the Lynchburg market.
Median List Price $267,449
Median Price of New Listings $269,900
Per Square Foot $161
Average Days on Market 84
Median Days on Market 46
Price Decreased 45%
Price Increased 2%
Relisted 9%
Inventory 192
Median Rent
Market Action 43
Slight Seller's Advantage

Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. The Market Action Index is a good leading indicator for the durability of this trend.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Median Price Sq. Ft. Lot Size Beds Bath Age New Absorbed DOM
$490,400 2,697 0.25 - 0.5 acre 4 3 18 3 5 80
$328,950 1,940 0.25 - 0.5 acre 3 2.5 56 11 8 35
$215,000 1,500 8,000 - 10,000 sqft 3 2 86 2 2 35
$138,950 1,074 4,500 - 6,500 sqft 2 1 91 11 5 56