Busy Summer for Realtors

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The Lynchburg Association of Realtors regional housing market had a busy summer. Both sales activity and home prices surged in the third quarter. This led to the largest sold dollar volume gain the area has had in more than five years. Homes sold faster, on average, this quarter in the area. The inventory of active listings continues to shrink rapidly, such that the months of supply on the market is less than two months – a remarkably low level of inventory.

Sales activity surged this summer in the area housing market. There were 1,213 sales in the region in the third quarter, a 22% jump from one year ago for an increase of 218 sales. The Lynchburg Association of Realtors market is one of just a few in Virginia that did not have an overall slowdown during the spring in the early months of the ongoing pandemic.

Sales have been trending up in the area now for six straight quarters, evidence of continued demand from active buyers in the local markets. The total number of sales statewide jumped 17% in the third quarter compared to last year, which reflects a widespread rebound in housing markets around the Commonwealth.

» Sales surged this summer in the association footprint. There were 1,213 sales during the third quarter for a 22% increase from last year.

» The median sales price during the third quarter in the association’s housing market was $214,950, 15% higher than one year ago for a gain of more than $27,000.

» The supply shortage continues to worsen in the area housing market. There were 643 active listings on the market at the end of the third quarter for a 46% drop from last year.

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