Why Lynchburg Is Poised for the Real Estate Market

Karl Miller
Published on May 7, 2019

Why Lynchburg Is Poised for the Real Estate Market

If you’re considering a move to Virginia or to a new city in the state, Lynchburg may be an ideal location. As the center of the Lynchburg metro area, which is home to more than 260,000 people, Lynchburg offers everything a good-sized city should without being so crowded you feel as if you can’t move. It offers a number of educational options, is near the beautiful James River and Blue Ridge Mountains, and, perhaps best of all for those looking to buy, it has a booming real estate market. Here are a few reasons why Lynchburg should be on your list of potential new homes.

Home Prices Are Lower

Though you may wish it wasn’t, your budget may be the final determining factor in deciding what property you buy. Fortunately, prices in the Lynchburg area are well below the average price for a house in Virginia. According to information from the website Zillow, the average home value in the state is $257,700. However, the average cost of a home in Lynchburg is $145,400. That’s a significant savings. While there are certainly some properties that will be much more expensive, on the whole, Lynchburg is a more affordable market.

More Reselling, Less New Construction

One of the reasons why homes in the Lynchburg area are lower than other areas is because many of the homes here are existing houses that are being resold. The resell average, on the whole, tends to be cheaper than the cost of a new home. New houses in the area can cost $280,000 or more. Resell prices can save you upwards of $100,000.

Of course, this isn’t always the case. Historic homes that have been kept in very good condition can be more expensive, as can large houses or properties that continue amenities such as swimming pools. On the whole, however, you’ll get a better deal on purchasing an existing building over a new construction.

Lynchburg Features Small Businesses

Lynchburg businesses tend to be more on the small side. According to a recent survey, around 93% of all businesses in the city have no more than 50 employees. Small businesses like this tend to have more of a family-type atmosphere. Usually, the owner knows all of the employees and often works side-by-side with them daily. In a large corporation, that’s not the case. These smaller businesses tend to have a more closely-knit team of employees who treat each other more like friends or family than co-workers.

There is one large company in the city: Liberty University. This higher education institute recently invested $1 billion dollars in new infrastructure, and many people in the city have some form of connection to the university. It’s one of the major employers in Lynchburg with more than 8,000 people working on campus.

Whether you’re looking for a low monthly mortgage payment, a large metro area with a small-town feel to it, or a small business you can be proud to be a part of, Lynchburg has it. There’s no time like the present to begin hunting for your dream house in this great city.

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