The Lynchburg Association of Realtors housing market had a strong start to 2020. There was a surge in sales activity in the first quarter, and home prices continue to climb. These increases led to a large gain in the sold dollar volume compared to last year. Homes in the market sold an average of about three weeks faster in the first quarter, reflecting the shrinking inventory of active listings available and consistent buyer demand in the market.
Sales activity surged in the area housing market this quarter. There were 782 sales throughout the Lynchburg Association of Realtors footprint in the first quarter, an increase of 95 sales for a 14% jump from last year. This is the largest influx of sales in the region in more than three years, and the fourth consecutive quarter of sales growth.
Sales activity generally has trended up in the Lynchburg region over the past several years, evidence of strong buyer demand in many local markets. Sales growth in the Lynchburg Association of Realtors footprint outpaced the Virginia’s housing market overall, which had a 4% increase in sales this quarter.
- Sales activity continues to grow in the association’s housing market. There were 782 sales in the first quarter, up 14% from last year.
- Prices are climbing in the association’s footprint. The first quarter median sales price rose 4% from last year, an increase of nearly $7,000.
- The inventory is shrinking rapidly in the region. There were 904 active listings at the end of the first quarter throughout the Lynchburg Association of Realtors market, an 18% reduction from last year.
Area Snapshot
- Amherst County: There were 85 sales during the first quarter, a gain of 24 sales from one year ago for a 39% jump. Sales activity increased at double-digit rates for three of the past four quarters.
- Appomattox County: Sales were flat this quarter. There were 41 sales in the first quarter, up one sale compared to a year ago for a modest 3% increase.
- Bedford County: After two straight quarters of slower activity, growth resumed this quarter. There were 289 sales in the first quarter, an increase of nine sales over last year for a 3% increase.
- Campbell County: Strong sales growth continues. There were 128 sales in the first quarter, an increase of 20 sales for a 19% surge from last year. Sales have increased at a double-digit rate three of the past four quarters.
- Lynchburg: With 239 sales in the first quarter, activity in the Lynchburg housing market rose sharply compared to last year with 41 additional sales for a 21% jump.