Sales price for homes increases in local market

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 been climbing now for 17 consecutive quarters in the region. Similar upward price trends are occurring in other parts of the state. The median sales price in Virginia rose 2% in the second quarter compared to last year.

  • Amherst County: After declining at the start of the year, home prices are back on the rise. At $171,250, the second-quarter median sales price rose 4% from one year ago for an increase of $6,750.
  • Appomattox County: Home prices dipped down this quarter. At $159,900, the second-quarter median sales price declined by $6,600 from last year, representing a 4% decrease.
  • Bedford County: At $259,900, the second-quarter median sales price rose 5% from one year ago, an increase of $12,400. The median sales price has risen for five consecutive quarters.
  • Campbell County: For the second quarter in a row, home prices surged in the market. At $219,900, the second-quarter median sales price jumped up $27,000 from last year, a 14% gain.
  • Lynchburg: Home prices increased modestly in the city this quarter. The second-quarter median sales price was $168,500, up 2% from last year for an increase of $2,500.