Market News

If you’ve seen a change in your credit score recently, you may be wondering why. There are a number of factors that contribute to a dropping credit score and it is important to know what may be causing it. When buying a home, it is important to maintain your credit and not make any major purchases that could impact your …

If you are feeling a little overwhelmed every time you look into the garage because it has become a storage space area of chaos, then it is time to start clearing and organizing to make the best use of your space. This can be a simple task if you go in with a plan and create organized storage areas. You …

Doors don’t talk – but they can say a lot. Your front door is the first thing visitors will see, and it may say more about you than you think! If reading that made you think you might need to update your door or even replace it, now is the time to consider your options. Steel, fiberglass and wood are …

While it might not be the first thing on your list, there are quite a few reasons you should read several important documents before making any property purchase. Those include your title abstract, the title insurance policy with schedule of exclusions, the survey while you walk the property lines and any homeowners association documents. You may have inspected a property …

As home buyers look for deals in times of uncertainty, many are becoming aware of foreclosed homes and the benefits that come with purchasing one. If you are interested in buying a foreclosed home, here’s a few things you should know: Where should I buy? Places affected by the housing crisis likely will be your best bet to finding a …

While the full impact of COVID-19 on the housing market continues to be monitored, the direct impact on the inventory already is quite evident. Housing markets throughout the Commonwealth experienced dramatic declines in active listings during the past several months as more would-be sellers continue to wait to see how the market responds to the pandemic. At the end of …

Homes continue to sell faster in many of the local markets in the Lynchburg Association of REALTORS® footprint, a reflection of the low supply of active listings available to buyers in the market. The overall second quarter average days on the market for the association’s region was 53 days, which is one day faster than this time last year. At …

The rise in home prices and increased sales activity around the region led to a solid gain in the total sold dollar volume in the Lynchburg Association of Realtors market this quarter. There was about $251.3 million of sold volume throughout the association’s footprint in the second quarter, which is 9% higher than last year for a gain of about …

Price growth in the Lynchburg Association of Realtors housing market continues with the most local markets having higher home prices this quarter compared to last year, a reflection of the tight supply of active listings. At $202,750, the second-quarter median sales price in the association’s footprint rose 7% from one year ago, an increase of about $12,750. Home prices have …

Despite the ongoing COVID-19 pandemic and Lynchburg Association of Realtors’ housing market has weathered the uncertainty so far. In addition to an increase in sales activity this quarter, median prices in many local markets in the region continue to climb. This price growth reflects the very low inventory available in the market. The already tight inventory of active listings declined …