Despite the ongoing COVID-19 pandemic and Lynchburg Association of Realtors’ housing market has weathered the uncertainty so far. In addition to an increase in sales activity this quarter, median prices in many local markets in the region continue to climb. This price growth reflects the very low inventory available in the market. The already tight inventory of active listings declined sharply this summer. Similar inventory declines occurred throughout Virginia and beyond, reflecting the uncertainty of many would-be sellers due to the ongoing pandemic.
Home sales continue to increase in the association’s market, even as activity has slowed in many other parts of the state. There were 1,110 sales across the association’s footprint in the second quarter, which is 78 more than this time last year for an 8% increase. Notably, the association’s region was the only area in Virginia to have increased sales activity in all three months of the quarter beginning in April amid the ongoing pandemic. The overall sales numbers for Virginia declined 10% in the second quarter compared to last year.
»Amherst County: There were 116 sales int he second quarter, a 33% jump from last year for a gain of 29 sales. Sales activity has been rising at a double-digit rate compared to the prior year for four of the past five quarters.
»Appomattox: After a flat start to the year, sales surged this quarter. There were 69 sales during the second quarter, which is 24 more sales than a year ago for a 53 surge.
»Bedford County: Sales were relatively flat this quarter. There were 407 sales in the second quarter, inching up 1% from last year for an increase of 5 sales.
»Campbell County: There were 203 sales in the second quarter, a 23% gain from last year with an increase of 38 sales. This is the largest increase in sales in the county since the fall of 20116.
»Lynchburg: There were 315 home sales during second quarter, which is 18 fewer sales than last year for a 5% decline. The Hill City was the only jurisdiction in the Lynchburg Association of Realtors footprint to have a slowdown in sales activity this quarter.