Typical Lexington homes now sell for below list price. Here’s how the market has changed
Average Lexington homes are now selling for just below list price, although the market is still considered “very competitive,” according to data from several real estate sites.
Median home sale prices range from $44,000 to $589,500 in Kentucky counties as of December, real estate site Redfin reports.
Fayette County’s median home sale price was at $309,000 the week of Nov. 28, the most recent date for which data are available. Median home sale prices have reached more than $500,000 in Woodford and Caldwell counties.
Explore median home sale prices in Kentucky from Redfin using the interactive graphic below.
Note: This interactive graphic will automatically update as new data become available.
Redfin describes Lexington’s real estate market as very competitive, receiving a 77 out of 100 on the Redfin Compete Score. Average Lexington homes sell for about 1% below list price in 15 days, Redfin reports.
Median home values in Lexington have increased by 13.5% to $283,927 in the last year, according to data from real estate site Zillow current through Oct. 31.
Home sales were significantly slower this November than last November, with a 41.1% decrease in the number of homes sold. Pricing is still higher than in 2021, however, as the average price of Lexington real estate per square foot has reached $160, 9.6% more than last year.
Fayette County’s real estate market favors sellers, by mortgage site Rocket Homes’ calculations. Rocket Homes also reports Fayette County’s home supply has decreased in recent months, with a drop of 11.5% from October to November.
Although Fayette County’s real estate market is still considered a seller’s market by some, buyers may have advantages. More than 55% of the area’s homes sold for less than asking price in October, while 20% sold for asking price and 25% sold for more than list price, according to Rocket Homes.
Real estate around Fayette County
Here’s how median sale prices have changed in Fayette and nearby counties from November 2021 to November 2022, according to Rocket Homes:
- Jessamine: 18.7% increase
- Fayette: 13% increase
- Bourbon: 12.5% increase
- Clark: 9% increase
- Scott: 7.4%
Note: Redfin’s Lexington Housing Market page reflects data from November 2022, while the interactive graphic uses Redfin data given within two weeks. Because data may update at different times, numbers may vary.
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