Lynchburg Housing Crisis

Karl Miller
Published on February 10, 2021

Lynchburg Housing Crisis

Lynchburg Home prices are higher than ever. Housing inventory is lower than ever, In fact as of Friday, there are only 238 Single Family homes in Lynchburg and 3 touching couties, Appomattox County adds another 20 homes. And today there are 390 Houses pending sale… so if we assume these pending sales close in the next 60 days, -conservative-since likely they close outin 45-50 days… Then the market has a sales pace of almost 200 Sales per month, Which ironically is also Higher than we have ever seen! 

2020 across the board sold over 4000 houses in our local Lynchburg MLS. This includes townhouses, condos, all counties, all price points, but the point is Sales are at an all-time high, prices are at an all-time high, and simultaneously, interest rates are at an all-time low, and available homes for sale are at an all-time low. Today’s seller has a unique opportunity to sell Fast, and sell high. Are you excited yet?

I remember very well the painful years of 2009, 2010, 2011, (Lynchburg’s worst year of pricing and sales), 2012, 2013, 2014 when there were over 2000 houses for sale and the ones that sold were the ones that were the cleanest, had the most upgrades, and were the most competitively priced. Agents were actually trying to talk sellers out of listing their houses! 

I remember being coached to look at it from the perspective of “Nordstoms is having a SALE” Why are peopleso down right now? Real-Estate is on SALE!!! Today… some agents are actually turning away buyers, they are actually trying to talk buyers out of buying right now because let’s face it, it is work to buy a home today. My philosophy however is “Money is on sale!” and LOW payment options are REAL right now! And for sellers, Housing can be capitalized at the point of sale to put more cash in your pocket than this area has ever seen.

What do you think about the Lynchburg market? Do you have questions or concerns?

If you’re looking to buy a home or sell your home in the Lynchburg area, please reach out to us, we would love to help you in your process. We are your local caring, competent and trusted advisors who will help you buy your next home in Lynchburg!

If you want to start your search for a home in Lynchburg, Virginia, check out our local MLS here: http://lynchburgmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Lynchburg&PRGNAME=MLSLogin&ARGUMENT=GsM2H3FzlrI%3D

We are excited for what 2021 holds for you!

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