How Is The Real Estate Market In FOREST, VA?
By Joel Kramar
Published: Jan 25, 2023
There seems to be a growing popularity in the world for small-town living, and there’s no question why this tendency is becoming prominent. Many people feel the need for a slower pace of life and choose to buy their homes closer to nature, in smaller towns with a good location and a pleasant suburban feel. Forest is the definition of those things, having both the perks of being in the proximity of a city and having easy access to amazing natural areas. This charming place is nestled east of the Blue Ridge Mountains in the southwestern part of Lynchburg in Bedford County. Forest has seen an increase in interest in the past years, showing a steadily growing tendency in population and the economy. The notoriously friendly and family-oriented community, the great schools, and the proximity to Lynchburg make Forest, Virginia, an attractive place for many people of different ages and walks of life. The local real estate market in Forest, VA, has seen some changes accordingly. Let’s take a closer look at life in Forest, VA!
Living in Forest, VA
There are many reasons why Forest, VA, is such an excellent place to live. The proximity to the Blue Ridge Mountains and other smaller natural areas makes outdoor activities very easily accessible.
The livability score in Forest is high above average, indicating that this small town is a great place to call home. According to the index, Forest ranks 60% better than average, with the livability score being 70-75. With the convenient proximity to the city of Lynchburg and the access to all the amenities and culture the city has to offer, Forest VA is experiencing growth in the community. The town is a popular choice for young families because of the safe suburban feel and great schools, but moving to Forest, VA, is becoming popular among young adults, too, education being one of the strongest assets of the Lynchburg area.
The real estate market in Forest, VA
The economic situation in Forest, Virginia, is showing steady but certain growth. But this growth is not going to ruin the calm environment anytime soon. New job opportunities are going to be available, though, attracting more people to town. Currently, the population of Forest, Virginia is 12,489. The unemployment rate is well under the US average anyway, just like the sales tax rate, which is 5.3% in Virginia. According to predictions, job growth will be 31.1% in the following ten years.
The slow but steady growth will also be seen in the real estate market changes. As of now, the housing market is very hot, with the median home price being $347,000. Prices have increased by 61.4% compared to this time last year. The median price per square foot in Forest Virginia is $184, a price which has also seen an increase of 19.0% compared to 2022. Homes sell quite fast in the area, going into pending status after an average of 7 days on the market and selling after 48 days on the market on average. Still, the local real estate market is a buyer's market right now, meaning that plenty of homes are available for sale, and the inventory is keeping pace with the demand.
To sum up,
Forest, VA, is becoming a new favorite place for families and young professionals who want a calm life away from the hustle and bustle of big city life, with easy access to all the schools, culture, and amenities a city has to offer. The proximity of the lush forests of the Blue Ridge Mountains and the great community feel make Forest, Virginia, a place that’s easy to call home. If you feel like this place is what you’re looking for, feel free to reach out and give me a call. I stand at your disposal with any real estate questions.