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 a population of 6,742, 2,558 total housing units (homes and apartments), and a median house value of $415,624, Lynchburg real estate is some of the most expensive in Tennessee, although Lynchburg home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Lynchburg, accounting for 86.18% of the town's housing units. Other types of housing that are prevalent in Lynchburg include mobile homes or trailers ( 10.30%), large apartment complexes or high rise apartments ( 2.68%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lynchburg. Owner-occupied housing accounts for 83.18% of Lynchburg's homes, and 72.66% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Lynchburg built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lynchburg built between 2000 and later ( 30.46%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.22%). There's also some housing in Lynchburg built before 1939 ( 10.10%).
Vacant housing appears to be an issue in Lynchburg. Fully 14.19% 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.
In the last 10 years, Lynchburg has experienced some of the highest home appreciation rates of any community in the nation. Lynchburg real estate appreciated 139.47% over the last ten years, which is an average annual home appreciation rate of 9.13%, putting Lynchburg in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lynchburg definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Lynchburg's appreciation rate, at 7.63%, has been at or slightly above the national average. In the latest quarter, Lynchburg's appreciation rate has been 2.75%, which annualizes to a rate of 11.45%.
Relative to Tennessee, our data show that Lynchburg's latest annual appreciation rate is higher than 70% of the other cities and towns in Tennessee.
$415,624
for Tennessee
for nation
2,558
$1,476 / per month