Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 79,287 people, 28,910 houses or apartments, and a median cost of homes of $268,626, Lynchburg real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Lynchburg, accounting for 56.94% of the city's housing units. Other types of housing that are prevalent in Lynchburg include large apartment complexes or high rise apartments ( 26.65%), duplexes, homes converted to apartments or other small apartment buildings ( 8.00%), and a few row houses and other attached homes ( 7.29%).
The most prevalent building size and type in Lynchburg are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.18% owning and 57.82% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lynchburg's housing was primarily built during this period, from the '40s through the '60s. A full 32.49% of the city's housing hails from this era. Other housing ages represented in Lynchburg include homes built between 1970-1999 ( 31.32%) and housing constructed before 1939 ( 18.66%). There's also some housing in Lynchburg built between 2000 and later ( 17.52%).
Vacant housing appears to be an issue in Lynchburg. Fully 14.52% of the housing stock is classified as vacant. Left unchecked, vacant Lynchburg homes and apartments can be a drag on the real estate market, holding Lynchburg real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Lynchburg's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.01% during the period.
Over the last year, Lynchburg appreciation rates have trailed the rest of the nation. In the last twelve months, Lynchburg's appreciation rate has been 1.73%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lynchburg were at 4.77%, which equates to an annual appreciation rate of 20.50%.
Importantly, NeighborhoodScout’s exclusive research found that Lynchburg's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Virginia, our data show that Lynchburg's latest annual appreciation rate is lower than 90% of the other cities and towns in Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lynchburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lynchburg - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lynchburg real estate investment or home purchase decisions.
$268,626
for Virginia
for nation
28,910
$1,609 / per month