In January, I was invited by Jefrado Granger of the Central Virginia Planning District Commission to join a discussion on affordable housing and grant opportunities. A few local leaders and I gathered on the 12th floor of the Bank of the James building, overlooking our beautiful downtown Lynchburg. During that meeting, Jefrado proposed hosting a regional housing summit to bring together industry experts and local leaders to explore solutions to the affordable housing crisis in Central Virginia.
Five months later, that vision became a reality. I found myself in a room filled with more than 150 housing professionals, policymakers and community stakeholders. Together, we listened, learned and shared ideas aimed at solving one of our region’s most pressing challenges.
Experts from across Virginia presented data on housing trends and economic forecasts. We reviewed how other communities are tackling affordability concerns and explored how similar strategies could be adapted for Lynchburg and the surrounding counties. While Central Virginia continues to experience steady population growth, housing supply is where we begin to feel the strain. Like many areas across the country, Lynchburg is grappling with a widening gap between wages and home prices. For example, the average health care worker – one of our region’s largest employment sectors-earns about $68,000 per year. The income needed to comfortably afford a median-priced home in our area is closer to $94,000. For younger buyers, particularly those aged 25 to 44, this affordability gap is a growing concern.
As of May 2025, home prices in the Lynchburg region have risen by 4% year-over-year. This increase is driven by strong demand and a persistent lack of inventory-especially in the mid-to-upper price ranges. Although new listings are up 9% from last year, we still sit at just 3.1 months of supply, well below the 6-month benchmark of a balanced market. Homes continue to sell quickly, with sellers receiving an average of 98.5% of their asking price.
One major issue we discussed was the “lock-in effect.” Many homeowners, myself included, are hesitant to sell because they are holding low mortgage rates secured years ago. This reluctance to move – whether to upgrade or downsize – only adds to the shortage of available homes. While residential construction has picked up in recent years, it still lags behind our region’s job and population growth. Without meaningful efforts to boost supply, especially in mid-sized single-family home construction, affordability challenges will persist.
Our region is at a critical crossroads. With continued economic strength and growing demand, we must work collaboratively to address housing access and affordability. The ideas shared at this summit, while complex and hard to share in 400 words or less, offer a path forward. This could help ensure homeownership remains within reach for future generations.
Billy Morris
2025 President of the Lynchburg Association of Realtors
Associate Broker John Stewart Walker, Inc.