One of the first things I did when I started selling real estate in 2017 was track market statistics. I wanted to know how many homes were on the market each month, how many sold, the average time it took for a home to go under contract and the average sales price. Back in the summer of 2017, the average sales price in our market was around $180,000. Fast forward to today, and that number has nearly doubled to $361,831.
In the accompanied graphic, you’ll find the market stats I compile each month using the data from the Lynchburg Multiple Listing Service (MLS). This snapshot of January’s real estate statistics over the past three years reveals clear trends: the number of homes on the market has increased, the number of homes sold has gone up, average days on market have risen and home prices have continued to climb.
During the peak of the COVID-19 market, inventory dropped significantly, and home sales slowed – not because of a lack of demand, but because there was so little available to buy. At the same time, interest rates hit historic lows, making higher home prices more manageable due to lower monthly payments. This dynamic led to consistent price increases month after month.
Since 2023, however, the market has been gradually shifting from an “ultra-sellers’ market” to a “seller’s market”, and now the statistics are giving whispers of a true balanced market in the near future. As inventory climbs above 800 homes and the average days on market nears 60, we may soon see a market where both buyers and sellers have fair opportunities, rather than one side having the upper hand.
In a balanced market, having an excellent Realtor makes all the difference. Sellers need expert guidance to ensure their home stands out and sells quickly for top dollar. Buyers, on the other hand, must be well-informed and prepared to act decisively when they find their dream home.
If you’re considering buying or selling this year, reach out to your trusted real estate professional to start the conversation. We’re here to make the process as smooth and stress-free as possible!
Real Estate Statistics for January:
January 2023 – Available Homes – 334; # of Homes Sold – 183; Average days on Market – 28; Average Sales Price – $260,930
January 2024 – Available Homes – 476; # of Homes Sold – 101; Average days on Market – 40; Average Sales Price – $287,624
January 2025 – Available Homes – 613; # of Homes Sold – 234; Average days on Market – 46; Average Sales Price – $361,831
Billy Morris
2025 president of the Lynchburg Association of Realtors and associate broker at John Stewart Walker.