While much of the US has seen falling home prices and a shift to a buyer’s market, that’s not the case for Forest, VA. The city is bucking the national trend and remains firmly in a seller’s market, particularly when it comes to new construction homes. Let’s take a closer look at what buyers should know.
The Real Estate Market in Forest, VA
Currently, the median sold price for single-family homes in Forest, VA, is $399,925, which is considerably higher than the median for the rest of the state. That’s an increase of just over $60,000 (17.7%) since January 2022. For buyers, that shows the demand for these homes, which means a home purchased now will just continue to appreciate.
The greatest increase seems to be with two-bedroom homes, which have risen from $178,000 to $215,000 (28.8%). Three-bedroom homes have increased by 10.3% and four-bedroom homes have risen by 18.1%. Five-bedroom homes have increased by 12.9% to $612,500. Forest, VA, also has higher home prices than most neighboring cities, although Jefferson has outpaced it ($399.9K to $410.5K).
At the time of this writing, the city has 86 homes for sale within its borders, which is an increase of over 100%. Over 20 of those are new construction homes in Forest, VA. Those brand-new homes run the gamut from three-bedrooms to four-bedrooms, with a smattering of two and five-bedroom options. Most have at least 2.5 baths, but many have three or 3.5 baths. Most new construction homes in Forest, VA, are detached, single-family affairs, but you will find some attached homes on offer for those who prefer that type of living arrangement.
Of course, those new construction homes are scattered around the city. Ivy Hill is one of the most popular neighborhoods, but Forest Park, Mt. Haven, Lakepointe, and Great Oaks are also considerations. People come from all around the US for the area’s stunning natural beauty – most properties in Forest, VA, have incredible views of the surrounding mountains and forests. Another reason people are drawn here is that the town is just a few miles from Lynchburg, which offers several airports, an Amtrak station, and big-city shopping, dining, and other attractions. Bedford, VA, is a little further in the opposite direction, too.
Interested in making Forest, VA, your new home? Get in touch and let us know what you’re looking for, so we help you find a stunning new construction home today.