Is Lynchburg, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lynchburg was a Seller's Market.
Key Takeaway
Lynchburg is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lynchburg, TN
How much do homes in Lynchburg, TN cost?
Median Sold Price
$427,500
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lynchburg have sold for 19.6% more than they did a year ago.
Summary: The median home sold price in Lynchburg was $427,500 in May 2024, up 19.6% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $208.9K | N/A |
| 2 Bedrooms | $295K | $423K | +43.4% |
| 3 Bedrooms | $332K | $389.9K | +17.5% |
| 4 Bedrooms | $517.7K | $589.4K | +13.8% |
| 5+ Bedrooms | $450K | $940K | +108.9% |
Summary: Lynchburg housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 43.4%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 108.9%.
Median Sold Price Compared To Nearby Cities
| Lynchburg | $357.5K | $427.5K | +19.6% |
| Tullahoma | $260K | $285K | +9.6% |
Housing Supply in Lynchburg, TN
How many homes are available in Lynchburg, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 40 | 47 | +17.5% |
Summary: The Lynchburg real estate market had 47 homes for sale in May 2024, a 17.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 7 | 8 | +14.3% |
| 3 Bedrooms | 23 | 27 | +17.4% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Lynchburg housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 17.4%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lynchburg, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Lynchburg in May 2024, the same as the previous month. Of the 4 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Lynchburg, TN
How long does it take to sell a home in Lynchburg, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 60 Days | +120.2% |
Summary: Homes in Lynchburg had an average of 60 days on market in May 2024, up by 120.2% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lynchburg are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Lynchburg; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.