While predictions can be tricky in any market, current trends (as of a week ago) are painting a hopeful and energizing picture for both buyers and sellers. Let’s start with interest rates: after months of hovering stubbornly at or above 6.5%, we’ve finally seen a dip into the lower 6% range. This is a welcome shift that’s opening new opportunities for buyers who may have been waiting for the right moment to re-enter the market.
Next, we are seeing a big increase in inventory. More and more housing options are hitting the market every day, and we are at the highest number of available homes that we have seen in over five years. The third piece of good news is buyer activity has not seemed to slow down despite the swan dive of the stock market. There are more than 500 homes currently under contract, and the days on market might begin to start trending shorter as we are seeing some homes going under contract in less than a week.
So with the pent up demand for housing in our area, the lowering of interest rates, and the spring market in full swing, things are continuing to look promising for both buyers and sellers in our local market. It’s also worth noting that our local market in Lynchburg has historically remained more stable than national trends, offering a layer of insulation during times of uncertainty. That local resilience, paired with the current momentum, gives us every reason to feel optimistic about what’s ahead.
If you have been thinking about buying or selling your home this year, begin the journey now by contacting your trusted real estate professional. Realtors are here to educate, advocate and help make the process as smooth as possible.
Billy Morris
2025 President of the Lynchburg Association of Realtors and Associate Broker at John Stewart Walker, Inc.