Central Kentucky’s Strongest Cash Offers. No open houses, no staging, no repairs. Just a fair, all-cash offer. Get a Cash Offer
What are the latest updates on the real estate scene here in Central and Lexington, Kentucky? Once again, I’m here to give you a breakdown of what’s happening in our local market, including a year-over-year comparison and an analysis to help you make informed decisions about buying or selling a home in Kentucky.
For Central Kentucky, our entire market saw a decrease of 11.1% in sold listings, which is 1,154 homes last year versus 1,026 homes this year. Average sales prices increased 13%, going from $285,729 to $322,755. Days on market increased from 29 to 34 days, an average of five days longer. New listings increased 5% from 1,459 homes in 2023 to 1,530 homes in 2024.
In Lexington, Kentucky, 13% fewer listings sold this year. The number of homes sold dropped from 319 last year to 277 now. Like the overall market, Lexington saw a significant increase of 19.6% in the average sales price, going from $362,533 to $433,457. Houses sit on the market longer in Lexington than in the entire market. This year, the average days on market went from 13 to 21 days, an average of eight days longer. New listings in Lexington also increased by 9% with 363 homes compared to last year with only 322.
Our market is really tight right now due to a lack of inventory, which causes prices to go up. Our data shows properties are sitting on the market for five to eight days longer on average. However, I see homes priced competitively and in good condition selling quickly. Conversely, homes that are overpriced or poorly maintained take longer to sell. This trend is most likely due to higher interest rates. With less buying power, potential buyers may need more money to renovate a home that needs work.
Even though our market is tight, it remains strong. People are still buying and selling, and prices will continue to rise as long as demand remains high. However, some areas with fewer jobs might experience a slight price decrease. The lack of available land for new construction in Lexington suggests that demand will likely stay strong in areas with job opportunities.
It’s important to remember that every neighborhood is different. Even houses on the same street can experience a different situation. If you’d like to know what your house might sell for today’s market, I’d be happy to give you a free market analysis.
Schedule a free consultation to discuss your specific needs, whether you’re looking to buy a home here, stage and price your house for sale, and more. Feel free to contact us at (859) 721-2200 or bob@nhcnow.com. I can help you navigate the market or connect you with an experienced agent on my team.
-
Central Kentucky’s Strongest Cash Offers. No open houses, no staging, no repairs. Just a fair, all-cash offer. Get a Cash Offer
-
What is Your Home Worth. Get an up-to-date real-world home value estimate from a top local real estate agent. Find out how much you could sell for and what timeline to expect.. Request Estimate
-
Start Your Property Search. Central Kentucky’s most up-to-date property search. See all homes for sale on our MLS with photos, schools, prices, and more.. Search Now
-
Free e-Newsletter. Get our real estate Q&A, tips and insights in your inbox.. Subscribe Now
