Lexington median home sales price dips nearly 20%. See latest in market’s ebbs and flows
Fayette County’s housing market appears to be cooling slightly, based on the latest data from listing website Redfin, which shows the median home sale price fell by nearly 20% between June and July.
Median home sale price hit a year-over-year peak in June, reaching $342,500 in Fayette County. But by late July, the midpoint price had fallen, dropping to $276,500. That amounts to an almost 20% decrease in one month, according to Redfin’s county/metro data.
Home sales in Lexington may be feeling the influence of a broader, nationwide trend. Home price growth is slowing as higher mortgage rates push potential buyers out of the market.
“Even though asking prices continue to climb, this week’s data shows a deceleration, or slowing rate of price growth, compared to last week,” Realtor.com’s chief economist Danielle Hale observed in an analysis earlier this month.
As of July, Realtor.com still classified Lexington as a seller’s market, which means there’s more buyers looking to purchase a home than there are homes on the market.
You can see Redfin’s data on median home sale prices in Lexington using the interactive tool below.
Note: This graphic will automatically update as new data become available.
On average, homes in Lexington stay on the market for just 40 days, according to data from Realtor.com. That’s on the low end of a three-year trend, when in January 2020, it peaked at 66 days on the market.
Realtor.com lists 968 homes up for sale on the local market as of Thursday morning.
Two-bedroom homes saw the largest growth in median sale prices between July 2021 and July 2022, rising about 20% from $150,000 to $180,000, according to real estate company Rocket Homes.
That said, one-bedroom homes were pretty close behind, seeing an increase of 18%, from $127,000 to $150,000.
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