LYNCHBURG REAL ESTATE UPDATE
Changes in the Lynchburg Market
The Lynchburg Real Estate market remains healthy, but is definitely going through some changes! One change is the increase in housing inventory. For years we’ve been battling low inventory (not enough homes for sale) in the Lynchburg and surrounding areas market. That is beginning to change. There are more homes available for sale in the Lynchburg area right now than there have been since December of 2019!
What does this mean for buyers and sellers?
For buyers it means more options, more breathing room, and a better ability to negotiate as higher inventory puts downward pressure on pricing.
For sellers, it means waiting longer for a sale in many cases, more patience, and the need to be flexible and negotiate with buyers in many cases.
Is the Market Healthy?
Has the bottom fallen out of the real estate market in Lynchburg? No! We are still in a healthy market and by the numbers, still 100% in a “Sellers Market”. It just means the market is returning to a more normal state as opposed to the overheated, unrealistic condition the market has been in for several years now.
There are still pockets of locations and types of homes that will sell quickly and with competition, but buyers can look forward to more breathing room, more choices, and more time!
If you are interested in buying or selling a home, give us a call! We love discussing real estate with our clients!
See our previous blog post here