This Lexington zip code has a median home value of more than $700K. See latest data
Lexington’s housing market has had median home values and sale prices steadily increase recently, even while the number of homes sold has slowed.
Median home values for all 15 zip codes for which data are available from home site Zillow increased by at least 14% from September 2021 to September 2022, and one zip code had a value increase of more than 21%.
Zip code 40510 had the greatest increase and the highest value, with a median increase of 21.43% bringing the area’s median home value to $708,514. Homes in 40513 had a median value increase of 17.92% to $547,730, and 40502 houses have a median value of $530,104, up 16.37% year-to-year.
Homes in zip code 40507 had the smallest increase, with a 14.26% bump bringing the area’s median home value to $387,880. The lowest median home value is in zip 40508, where typical homes are worth $166,550, 14.52% more than last year.
Nicholasville-area homes, in zip code 40356, had a median home value increase of 19.38% to $256,282. Zip code 40515 had an increase of 15.66%, bringing the area’s median home value to $335,324.
Here is the latest map of percent change in median home value by zip code, from Zillow:
Note: This graphic will automatically update as new data become available.
Lexington’s housing market hasn’t cooled yet – Redfin, another real estate site, rates it a 79 on its competitiveness scale, where a score of 100 represents the most competitive market. Average homes sell for around list price and go pending in about 11 days after receiving three offers, Redfin reports.
Median sale prices in the city have increased by 10.5% in the last year, according to Redfin, bringing the median sale price to $284,500. But while prices have increased across the board, the number of homes sold has decreased in the city over the last year.
There were 379 Lexington homes sold in September 2022, while last September saw 493 home sales, per Redfin data.
The city has consistently remained a seller’s market, real estate firm Rocket Homes reports, and homes have sold for about $156 per square foot on average in the last year. The sale price of one-bedroom homes has increased the most, with a hike of 23.1%.
In September, 47% of homes sold for below asking price, while 31% sold for above list and 22% sold around asking price.
Do you have a question about real estate or housing in Kentucky for our service journalism team? We’d like to hear from you. Fill out our Know Your Kentucky form or email ask@herald-leader.com.
