Is Lexington, KY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lexington has remained a Seller's Market.
Key Takeaway
Lexington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lexington, KY
How much do homes in Lexington, KY cost?
Median Sold Price
$314,842
$151/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lexington have sold for 6.6% more than they did a year ago.
Summary: The median home sold price in Lexington was $314,842 in May 2024, up 6.6% from last year, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $149.5K | $170K | +13.7% |
| 2 Bedrooms | $194.9K | $210.5K | +8.0% |
| 3 Bedrooms | $267K | $286K | +7.1% |
| 4 Bedrooms | $389.7K | $410.1K | +5.2% |
| 5+ Bedrooms | $551K | $559.6K | +1.6% |
Summary: Lexington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.7%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 1.6%.
Median Sold Price Compared To Nearby Cities
| Lexington-Fayette Central | $287.7K | $310.3K | +7.9% |
| Lexington-Fayette Southeast | $264.6K | $284.3K | +7.4% |
| Lexington | $295.4K | $314.8K | +6.6% |
| Lexington-Fayette | $295.4K | $314.9K | +6.6% |
| Lexington-Fayette Northeast | $336.3K | $354.9K | +5.5% |
Housing Supply in Lexington, KY
How many homes are available in Lexington, KY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,009 | 1,068 | +5.8% |
Summary: The Lexington real estate market had 1,068 homes for sale in May 2024, a 5.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 15 | +15.4% |
| 2 Bedrooms | 107 | 122 | +14.0% |
| 3 Bedrooms | 471 | 480 | +1.9% |
| 4 Bedrooms | 309 | 325 | +5.2% |
| 5+ Bedrooms | 109 | 126 | +15.6% |
Summary: The Lexington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15.4%, 2 bedroom homes increased by 14%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 15.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 320 | 339 | +5.9% |
Asking Price vs. Sold Price
137 Homes Were Sold
Under Asking
83 Homes Were Sold
At Asking
119 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lexington, you may be able to get a good deal. 40.4% of homes here sold below asking price last month.
Summary: A total of 339 homes were sold or pending in Lexington in May 2024, up by 5.9% month-over-month. Of the 339 sold homes, 40% were sold under asking, 24% were sold at asking, and 35% were sold over asking.
Days on Market for Lexington, KY
How long does it take to sell a home in Lexington, KY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 24 Days | +51.7% |
Summary: Homes in Lexington had an average of 24 days on market in May 2024, up by 51.7% compared to last year.
Breakdown of Home Sale Times
275 Homes Were Sold
Under 30 Days
38 Homes Were Sold
In 30 - 90 Days
19 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lexington are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 339 homes were sold in Lexington; 81% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Lexington-Bluegrass Association of Realtors Multiple Listing Service. Real estate listings held by IDX Brokerage firms other than this broker, are marked with the IDX logo or the IDX thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © 2024 LBAR Multiple Listing Service. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Metro Search Multiple Listing Service. Real estate listings held by other Brokerage firms are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. The Broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright © 2024 Greater Louisville Association of Realtors. All Rights Reserved.