There was a great article in the Lynchburg News & Advance Central Virginia Business section last week titled Weathering The Storm. The Lynchburg real estate market is small in comparison to many throughout Virginia with under 1600 single family homes currently listed. We've been fortunate that our local market has been insulated against the highs and lows others have experienced throughout the country. Lynchburg year to date sales through November 2007 were down almost 8% compared to the same period in 2006. However, in other local markets:

Roanoke Valley sales were down by 11% through November

Charlottesville sales were down by 25% through September

Compared to a national drop of 11% and 14.5% statewide, Lynchburg is in good shape.

More Facts:

- The median home price is up 2% over November 2006 while nationally they went down by 3%.

- From 2001-2005, the median price of a home in Lynchburg rose 25%, while the median price of a home in Northern Virginia rose 106%.

- Few local lenders participated in sub-prime loans. Bank of the James and First National Bank of Altavista did not offer sub-prime loans.

- RealtyTrac shows one foreclosure for every 20,000 homes in Lynchburg & the surrounding counties compared to one foreclosure for every 617 households nationally.

- There are 1547 single family homes currently on the market.     

- Today, the median price for a home in Lynchburg is $249,656.  

We have good reason to be optimistic for 2008- Lynchburg is a great place to call home!

Click for more information on Homes for sale in Lynchburg Virginia 

Debbie Malone, Realtor

RE/MAX 1^st Olympic

20395 Timberlake Rd

Lynchburg, VA 24502

Malone1981@aol.com

(434)832-1100 O

(434)546-0369 C

(434)832-0941 F