Home prices continue to climb in the Lynchburg Association of Realtors housing market. At $186,750, the first quarter median sales price in the association’s footprint rose 4% from last year for an increase of nearly $7,000. The median sales price has been rising consistently for the past four years in the area market and now is about $32,000 higher than it was in the first quarter of 2016.
The price trends largely are being driven by steady buyer demand in the market and a shrinking supply of active listings. Similar trends are occurring in other parts of the state. Overall, the median sales price in Virginia climbed 7% in the first quarter compared to last year, to $295,100.
- Amherst County: At $154,500, the first quarter median sales price declined by 9% compared to 2019, a $15,500 reduction. This is the largest median price drop in several years.
- Appomattox County: Home prices rose sharply this quarter. At $169,000, the median sales price surged up by more than $24,000 compared to last year, a 17% increase.
- Bedford County: Strong price growth continued this quarter. The first quarter median sales price was $255,000, an 11% increase from 2019, a gain of $25,500. The median sales price has increased four quarters in a row.
- Campbell County: After a modest decline last year, home prices surged this quarter. At $201,500, the first quarter median sales price rose by $35,000 compared to one year ago, a 21% jump. This is the largest median sales price increase in more than four years.
- Lynchburg: At $152,500, the first quarter median sales price in Lynchburg increased by 3% from last year, for a gain of $4,150. Price growth has been relatively consistent for most of the past three years.