A KY home for less than $300K? Realtor.com says this ‘desirable’ city is overlooked
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- Realtor.com identified 10 metros with median list prices under $300,000 in 2025.
- Frankfort, Ky. lists a $292,050 median and offers riverfront, Bourbon access.
- Local example: a four-bed, two-bath home priced at $292,900 near downtown.
The “affordability crisis” might be a defining issue of 2025, shaping everything from election outcomes to household budgets.
It’s particularly apt when describing home prices, which as the National Association of Realtors reported earlier this month, rose in 77% of U.S. metro markets in the third quarter of this year.
According to the NAR, the national median price for a single-family home jumped by almost 2% year-over-year. It’s now reached $426,800. A monthly mortgage payment on a typical single-family home purchased with a 20% down payment now costs $2,187. The NAR reports first-time home buyers are spending almost 40% of their income on monthly mortgage payments.
Limited housing supply in the Northeast and western parts of the country are pushing home buyers to look at the relatively cheaper South and Midwest, but those regions are also seeing price increases.
So where can you still find homes on the market for less than $300,000?
Popular housing site Realtor.com recently looked at 10 such markets around the country, and Frankfort got a nod. The capital of Kentucky, with a population of about 28,000 residents, is often overlooked and dismissed as “sleepy,” but for first-time home buyers it offers more than you might think. Here’s what to know.
Why Frankfort, KY?
According to Realtor.com, the median list price for a home in Frankfort is $292,050. While that’s an big increase from where the figure stood in 2019, when it was $209,225, it’s still much more affordable than what you’d find in many competitive housing markets around the country.
So how much house does that price point get you in Frankfort?
In one given example, there’s a four-bedroom, two-bathroom home on the market for $292,900. 1108 Palisades Drive in Frankfort sits on a corner lot about five minutes from the city’s walkable, historic downtown with riverfront views.
Frankfort’s quality of life also got a nod from Realtor.com.
“Frankfort is part of the Kentucky Bourbon Trail, and is home to the iconic Buffalo Trace Distillery,” the article reads. “Situated along the Kentucky River, Frankfort is surrounded by rolling hills, lush greenery and walking trails. The historic state capital is also within an hour of both Louisville and Lexington, giving residents easy access to major airports and big-city amenities.”
Reached by phone Nov. 25, Frankfort Mayor Layne Wilkerson said the city’s appeal lies in its community feel. It’s a place where you actually know your neighbors.
“What’s attracting people right now is the quality of life and the sense of community here, like we have a very engaged population,” Wilkerson said. “You know your neighors here, and we have a thriving arts and culture scene.”
“Now’s a good time to be considering Frankfort,” Wilkerson added. The city is investing in its parks, developing its riverfront and working with the county to build a new indoor aquatic and wellness center. A new meeting and events center is also in the works.
Frankfort offers easy access to Louisville and Lexington, along with the convenience of a community where “you have everything you need in a walkable, safe environment.”
For comparison, Lexington’s median listing price for a home is $369,900, according to Realtor.com.
How does Frankfort compare to similar housing markets?
Compared to the nine other cities across the Midwest and Northeast Realtor.com included, Frankfort falls on the pricier end of the spectrum.
Here’s the breakdown, according to Realtor.com:
- Muncie, Ind., median list price $178,250
- Toledo, Ohio, median list price $217,950
- Battle Creek, Mich., median list price $229,999
- Pittsburgh, median list price $250,000
- Cleveland, Ohio, median list price $259,900
- Scranton-Wilkes-Barre, Pa., median list price $262,350
- Buffalo-Cheektowaga, N.Y., median list price $267,450
- Wichita, Kansas, median list price $285,000
- Frankfort, Ky., median list price $292,050
- St. Louis, median list price $295,900
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