Home prices in the Lynchburg Association of Realtors footprint continue to increase – a reflection of the tight inventory of active listings and steady demand in the market. At $188,700, the fourth-quarter median sales price in the region rose 3% from one year ago, a $5,800 increase. The median sales price has risen every quarter since spring 2016.
With the exception of Campbell County, all local markets in the LAR area had median price growth this quarter. Amherst County led all jurisdictions in the median price growth, rising more than $18,000 in the fourth quarter compared to one year ago, the strongest price gains for the county in one and a half years. The median sales price in Bedford County increased by about $10,000, the third quarterly increase in a row. The median sales price in Campbell County dropped by $2,700, or 2% from one year ago, the first drop in the quarterly median price since spring 2018.
After flat sales prices for the past two quarters, the median sales price surged up $18,450 in the fourth quarter to $173, 450, a 12% gain compared to last year. This is the largest price increase in the LAR region this quarter.
Prices remained relatively flat. At $187,000, the fourth-quarter median sales price inched up 1% from one year ago, an increase of $1,550.
At $244,999, the fourth-quarter median sales price rose by 4% from last year, a gain of more than $10,000. Prices have been trending up for several years; the fourth quarter median price is now about $31,000 higher than it was in 2015.
The median sales price declined this quarter after climbing five consecutive quarters. The fourth-quarter median sales price was $177,250, which is 2% less than a year ago, down $2,700.
After a slight dip in the median sales price in the third quarter, prices inched up at the end of the year. The fourth-quarter median sales price was $159,900, 1% higher than the fourth quarter of 2018, a $950 increase.
February Trends snapshot:
Homes on market: 736
Homes sold: 187
Average sales price: $213,012
Average days on market: 68