Lynchburg VA Real Estate - Lynchburg VA Homes For Sale | Zillow (2024)

FAQs

Is the best time to buy a house in Virginia? ›

The months from March to June are the best time to buy a house in Virginia. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

The average credit score required in Virginia is 712. Down Payment and Closing Cost Requirement: Allocate 20% of the home's sale price towards a down payment, and budget 2% to 5% for closing costs.

As we step into 2024, data suggests that the average cost to build a house in Virginia stands at approximately $155 per square foot.

Lynchburg is part of Lynchburg Metro metro area, which is ranked 172 out of 273 cities across the US in terms of cost of living. According to C2ER (the Council for Community and Economic Research), the cost of living in Lynchburg is estimated to be 91.7% of the national average making it an average US city.

Virginia Housing Market Overview

In June 2024, home prices in Virginia were up 6.5% compared to last year, selling for a median price. On average, the number of homes sold was down 10.4% year over year and there were 10,550 homes sold in June this year, down 11,768 homes sold in June last year.

While the VA doesn't set any credit score requirements, most lenders will want a 620.

Here are the minimum down payment requirements for some common mortgage programs, for qualified borrowers: Conventional loans: 3 percent. FHA loans: 3.5 percent (for credit scores of 580 or higher), 10 percent (for credit scores between 500 and 579) VA loans: No down payment if you qualify.

Virginia is experiencing a significant housing shortage. The result is higher housing and rental prices. Specifically, the average home price in Virginia has increased 65% in the past decade.

It is usually cheaper to buy a home than build a new one. However, by building your own home you get a brand-new residence, customized to your needs. It costs $310,100 on average to build a home in Virginia. This figure can add up to $460,100 if you include land costs, excavations, permits, and other expenses.

Is it cheaper to build your own home or buy one already built? ›

In a survey by the National Association of Home Builders, the average cost to build a new home in 2022 was $644,750. (New home means one you build yourself or one a builder constructs.) Meanwhile, the average cost to buy an existing home (one that's already built) in 2022 was about $535,500.

In order to build a house in Virginia, you are going to need a building permit. Building permits are issued by the local government. Usually, it will be the city that is in charge of the permits, but more rural parts of Virginia give the county permission to issue permits. Permits fees in Virginia will vary.

In 2022, there were 2.23 times more White (Non-Hispanic) residents (48.4k people) in Lynchburg, VA than any other race or ethnicity. There were 21.7k Black or African American (Non-Hispanic) and 2.81k Two+ (Non-Hispanic) residents, the second and third most common ethnic groups.

Lynchburg, Virginia was recently ranked #2 out of Kiplinger's top 12 cities in the United States to retire in. Other cities that ranked highly were Seattle, Nashville, Columbus, Austin and Greensboro. What do they all have in common? They're all beautiful places where retirees can lead healthy and happy lives.

Lynchburg has been ranked among the top 10 cities in the country for happiness and well-being; Gallup-Heathways reported residents had lower rates of stress, depression and obesity.

Winter is traditionally the slowest season for home sales and, as a result, it's the cheapest time to buy a home. There's usually less competition between buyers and sellers may be more willing to negotiate to make a sale since buyer interest is lower than it is in the spring.

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Additionally, Virginia's strong job market, coupled with its rich historical heritage and an abundance of natural beauty, makes it a particularly attractive state for potential homeowners.

And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application. Even if a recession doesn't affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market.

FHA loans. FHA loans are government-backed loans that are popular with first-time homebuyers since they only require a 3.5% down payment and have flexible eligibility requirements.