How much are Lexington homes worth? See the latest real estate data by zip code
While some may be trying to wait out the tough real estate market before purchasing a home or switching rentals, price increases continue to affect the Lexington market with no apparent end in sight.
Each of these 12 Lexington-area zip codes saw a median home value hike of at least 16% from July 2021 to July 2022, according to the Zillow home value index.
Zip code 40508 had the smallest increase and the lowest median home value, at 16.58% and $162,291. Similarly, 40513 had the highest value and the greatest increase, as the value rose by 21.23% to $546,363.
The average percent change for all the Lexington zip codes for which data were available was 18.4%, and the average home value was $311,300.
Zillow reported median home values exceeding $500,000 in two Lexington areas, 40513 and 40502. Home values in 40502 increased by 17.92% to $524,878.
Nicholasville area zip codes, in 40356, had a median home value increase of 18.86%. Typical homes in that area are valued at $249,699, according to Zillow.
Explore this interactive data on median home value changes in the Lexington area:
Note: This graphic will automatically update as new data become available.
Home sale prices have also risen. The median sale price for Lexington homes was $295,000 in July 2022, according to Redfin, a 11.7% increase year-over-year.
The typical Lexington home is only on the market for about seven days, Redfin says, one day less than in July 2021. The real estate company gives the city a rating of 83 out of 100 on its competitiveness scale.
Almost half, 49.9%, of local homes are selling for above list price, with a sale-to-list price of 101.2%. At the same time, 38.7% of homes in Lexington have had price drops, an increase of 13.1% year-over-year.
The median list price of Lexington homes in July was $329,900, according to Realtor.com, up 22.2% from the same month a year prior. Realtor.com categorizes Lexington as a full seller’s market, as there are more people looking to buy than there are available homes.
Along with increases in home values, sale and list prices, rental prices are also proving cost-prohibitive for many. A 2022 report from the National Low Income Housing Coalition said Kentucky residents have to work 89 hours per week at the non-tipped minimum wage to afford typically priced two-bedroom rental housing.
The report defined affordable housing as costing no more than 30% of someone’s income, and full-time employment was defined as 40 hours per week.
Depending on the zip code, Lexington-Fayette residents may need to work even more hours than the commonwealth’s average to afford rent. People who live in 40514 have a “housing wage” (the minimum hourly wage required to afford a two-bedroom rental) of $24.81, more than 3.4 times the minimum wage.
Additionally, a recent Rent.com report found Lexington ranked 7th in the country for increases in rent for typical one-bedroom apartments.
