Lexington median home sale price dips slightly in May. How competitive is the market?
Lexington’s median home sale price finally began to taper from April to May, with a drop of $5,731, according to one analysis. It’s the first market dip since November 2021 to December 2021, when prices eased by $4,833.
The middling sale price is still higher than at any other point since at least January 2017, besides April 2022, but the slight relief comes while the city’s market is still considered a seller’s game, according to Realtor.com.
The area’s median sale price slumped from $281,206 to $275,475 in the last month. Zillow’s median home value for Lexington is slightly higher than the median sale price, at $278,312. Median home value in Lexington has risen by 18.8% in the last year according to Zillow.
Real estate remains hot in the area, according to Redfin’s analysis. The city has an 84 out of 100 on the Redfin Compete Score, as buyers choose to waive contingencies in hopes of pushing their offer to the finish line. The average home goes pending in about 4 days, selling for 2% over list, Redfin says.
There are 325 agent listings of single-family homes on Zillow as of Thursday afternoon, with price tags ranging from $87,500 to more than $4 million.
Here are pricing data from January 2017 to May 2022, from Redfin Metro Area Data.
Note: This interactive graphic will continuously update as new data become available.
The largest cost increases have been for one-bedroom homes, according to Rocket Homes. These houses have seen costs skyrocket by more than 26% year-to-year, while three-bedroom homes have had the smallest jump at 11.9%.
More than 58% of homes sold for higher than list price in May 2022, Rocket Homes said. It can be possible to luck out, though. Twenty-two percent of homes sold at asking price, and 19% were under list.
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