Prices are up but sales are down. Check out the latest housing price data for Lexington
Homes in and around Lexington sold for 4% more in May than they did during the same period last year, according to the latest report from Bluegrass Realtors.
The monthly median home price in May was reported at $259,000, about $10,500 more than May 2022’s figure of $248,500. The median home price was also 3% higher than it was the month before, the realty association reports.
Across the country, real estate site Redfin reports home sales were down 3.2% in May compared to last May. Additionally, the median home sale price in the U.S. that month sat at $418,379, which is down 3.2% year-over-year.
In Central Kentucky, home sales in May were down 20% compared to the same month last year, Bluegrass Realtors reports.
The association represents Realtors in 30 counties, including Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, McCreary, Menifee, Montgomery, Nicholas, Owsley, Powell, Pulaski, Rowan, Russell, Scott, Wayne, Whitley and Woodford.
“Although prices continue to climb, the rate of appreciation has slowed considerably over the past few months,” President Kelley Nisbet said in a press release. “The lack of inventory has been a major factor in the surge in home prices but interest rates have buffered increases recently.”
According to real estate site Redfin, the highest median home sale price reached in Fayette County was $345,800 in November 2022. The lowest in the last five years was reported at $160,500 in January 2018.
Looking at data for this year, the lowest reported median sale price to date is $265,000 in February. The latest Redfin data indicates a $300,000 mid-point price in April.
Note: This interactive graphic will update as more data becomes available.
Bluegrass Realtors reports 1,227 homes sold this May, averaging 39 days on the market. With 6,633 new listings in the region, inventory has dipped 18% since last May.
Even with fewer listings, the association president said things are looking up.
“We are moving in the right direction with month-over-month increases in inventory, new listings and sales,” Nisbet said in the June press release. “But we are still so far below the levels experienced in the market several years ago. It’s going to take a while getting back to a degree of normal, and it won’t happen without more inventory.”
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