Home values continue to rise in Lexington, even as sales slow. This area is up 22.2%
Median home values in Lexington have risen more than 17% in the past year while home sales have declined in the past month, according to data from Zillow and Rocket Homes.
The median value of a single-family home in Lexington has reached $342,000, according to the Zillow Home Value Index, 17.4% more than in August 2021.
In the 15 zip codes for which data are available, area code 40510 had the greatest value increase and the highest median home value. The median value for a home there is $704,348, up 22.2% from last August.
Zip code 40508 had the smallest year-over-year increase at 14.69%, bringing the area’s median home value to $163,036. Nicholasville area homes, in zip code 40356, had a median value increase of 19.5% to $254,390.
Homes in 40505 had a median value increase of 18.99% to $196,656, while neighboring area code 40511 had a median value increase of 16.67% to $266,884.
Here are the latest median values for single-family homes in the Lexington area, from the Zillow Home Value Index:
Note: This interactive graphic will automatically update as new data become available.
Lexington’s real estate market leans almost fully in favor of sellers, according to Realtor.com’s scale. Area homes sold for about list price in August, and homes are spending about two more days on the market on average compared to July.
Rocket Homes also categorizes Lexington as a seller’s market, though the company considers the market to be more balanced than Realtor.com’s scale indicates.
Median sale prices are up $29,106 from August 2021 to this year, according to Rocket Homes, and fewer homes were listed for sale in Lexington in August than the previous month.
Two-bedroom homes saw the greatest decline in listings, with 132 listings in July and 104 in August. Listings for four-bedroom homes only declined by 1.2%, with 324 homes for sale in July and 320 in August.
Additionally, there were 14.7% fewer homes sold in the Lexington area in August than in July, with 408 sold in July and 348 sold in August.
Out of the 348 Lexington homes sold in August, 39.4% sold for below asking, Rocket Homes reported. About 37% sold for above asking, while 83 sold at list price.
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