What’s The State Of The Lynchburg Real Estate Market?
Summarizing the Lynchburg Real Estate Market in One Word
To summarize the Lynchburg real estate market in one word, I would use the word: Healthy! It’s a word I haven’t used to describe our market in a long time! In 2009 – 2012, the market was sluggish, slow, and saturated with too much inventory:
A Buyer’s Market
From 2012 – 2023 the market has been riding on the nose of a rocket, with double digit appreciation year over year, multiple offers on many homes, and low interest rates and low housing inventory creating a perfect and challenging storm for buyers: A strong sellers market!
Strong Seller’s Market
While the market remains a “Sellers Market”, housing inventory (available homes for sale) has started to rise and buyers have been able to breathe a little, with multiple offers and bidding wars seen significantly less than in the last several years.
What Does This All Mean For You?
Right now, we’re in what I consider to be a bit of a sweet spot. Interest rates have ticked down to around 6.5%. Demand is stable and housing inventory, while tight, is rising slightly as well. Homes are selling well, but buyers don’t feel as strongly the extreme pressures of the last few years.
It’s A Good Time to Buy And Still A Great Time To Sell
If you’re interested in buying or selling a home this year, or have a friend or neighbor who is, we’d love to sit down and share more about the state of our market!
See our previous blog post here