Home sales in Lexington slowed at the end of 2022, but values just kept climbing
The Lexington real estate market slowed in December, with most homes selling under list price, but many real estate companies still consider it a seller’s market.
Lexington-area homes had a median home value increase of 13.5% from December 2021 to December 2022, according to Zillow data. The median home value for the 12 Lexington-area zip codes for which data are available is $331,100.
Median home values range from $166,370 in zip code 40508 to $732,392 in zip code 40510. Here are the latest local home values, from Zillow:
Note: This interactive graphic will automatically update as new data become available.
Homes in zip code 40510 had the greatest median value increase at 19.63%. All 12 of the zip codes had value increases, and the smallest increase was 10.48% in zip code 40503.
Average homes in Lexington receive three offers, real estate site Redfin reports. The city’s market is considered “very competitive,” although typical homes sell for about 2% under list, according to Redfin.
More than 20% of Lexington homes for sale had price drops in December, and 15.4% sold for above list price.
Rocket Homes reports Lexington’s median home sale price increased by 13.2%, or $33,612, from December 2021 to December 2022.
One-bedroom homes had the greatest median sale price increase, with a 18.9% hike taking the price to $157,500. Three-bedroom homes had the smallest median price increase at 11.5%.
Home supply was down 13.5% in Lexington from November to December, with 779 home listings in November compared to 674 the next month. Home sales followed the trend, with a 20.6% decrease month to month.
Here’s how Lexington home inventory changed from November to December by bedroom count:
One-bedroom inventory stayed the same (11 listings).
Two-bedroom home listings dropped by 5.2%.
Three-bedroom home inventory decreased by 19.4%, the greatest decline.
Four-bedroom homes saw listings decrease by 13.2%.
Homes with five or more bedrooms saw inventory increase by 1.4%. There were 72 such listings in November and 73 in December.
In December, buyers seemed to luck out — more than 62% of homes sold for below asking price, while just 16% sold for more than list price, according to Rocket Homes. Average sale time was up in that month compared to December 2021, with average sales taking six days longer, a 42.2% increase.
Realtor.com considers Lexington a seller’s market. The site also reported Lexington homes spend an median of 49 days on the market.
As of Jan. 18, Realtor.com had listings for 256 single-family Lexington homes (excluding ones under contract or pending) ranging in list price from $79,900 to $4.8 million.
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