Looking to purchase a Lexington home this year? Here’s where sale prices stand now
Will the new year favor home buyers or sellers in Lexington?
If early data points are any indication, it’s still firmly a sellers’ market, according to assessments from real estate websites like Rocket Homes and Redfin, which calls Lexington a “very competitive” market for buyers.
According to the latest available Redfin data, homes in Lexington receive three offers on average and sell in about 20 days.
As of Jan. 9, the website put the median sale price for homes in the Lexington-metro area at $272,500. That’s a bit lower than where it stood a year before, in Jan. 3, 2022, when the median sale price came in around $280,500.
Use the graphic below to see more about the median sale price over time, according to Redfin.
Note: This graphic will automatically update as new data become available.
There are a few good omens for home buyers, however. The number of homes for sale is growing while home price increases seem to be slowing, according to a recent analysis from Realtor.com.
In Lexington, the average home is selling 2% below listing price, according to Redfin. For home buyers, it’s a modest improvement from the rate in November, which was 1% below the listing price for the typical Lexington home.
The frenzied home purchasing that defined 2022 seems to be in the rearview for 2023, at least for now. According to Realtor.com, there were 54.7% more homes, or 244,000 additional properties, on the market in last December than in December 2021.
It may sound like an improvement, but it’s still nearly 40% fewer homes up for sale than in the years immediately before the coronavirus pandemic, between 2017 and 2019, according to Realtor.com.
“Prices are moderating. Mortgage rates came down. And there are more homes for sale,” Realtor.com chief economist Danielle Hale said in the website’s analysis of housing market trends.
The site reports potential home sellers are reluctant to give up their low mortgage rates by selling and then having to take out a new loan at a higher rate to purchase a new home. Add to that recession fears, and many would-be buyers are putting their plans on hold.
“It’s clear buyers are pulling back and sellers are not enthusiastic about this housing market,” Hale added.
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