Lexington’s real estate market hasn’t slowed yet, as median home values and sale prices have increased over the last year while home supply has decreased by more than 9%.
Out of the 12 zip codes for which Zillow data are available, the average change in median home value from October 2021 to October 2022 was an increase of 15.5%. The average median home value for the 12 zip codes is $312,200.
Homes in zip code 40356, the Nicholasville area, had the greatest increase in median value, with a 18.62% bump bringing the area’s median home value to $258,017. Zip code 40503 had the smallest increase in median home values, as a 13.33% hike brought the median value to $303,199.
The Lexington-area zip code with the most expensive median home value is 40513, where typical homes are worth $545,414. Zip code 40508 has the lowest median home value at $167,584.
Here are the latest median home values by Lexington-area zip code, from the Zillow Home Value Index:
Note: This interactive graphic will automatically update as new data become available.
Median sale prices are also up in the Lexington area, according to real estate site Redfin, although homes are staying on the market six days longer on average compared to last October. The area’s median home sale price is $299,999, 16.8% higher than in October 2021.
“The Lexington housing market is very competitive. Homes in Lexington receive 3 offers on average and sell in around 13 days,” Redfin’s website says.
Local home supply decreased by 9.4% from September to October, mortgage site Rocket Homes reports. There were 976 Lexington homes listed for sale in September and 884 in October.
While sale prices have increased for homes of all sizes in Lexington, one-bedroom homes have seen the steepest inflation. The median sale price for one-bedroom homes increased by 21.7% from October 2021 to October 2022, while the price of two-bedroom homes increased by 19%.
Two-bedroom homes have had the greatest decrease in supply in recent months, according to Rocket Homes. A 19% decrease in listings from September to October took the number of available two-bedroom homes from 116 to 94.
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