The median home value for a number of Lexington-area zip codes has risen 18.5% from April 2021 to April 2022, the most recent month for which data are available.
The typical single-family home is valued at $330,100, according to this local Zillow data. Zip code 40510 has both the highest median value at $670,264 and the greatest increase in value, with a change of 21.75% year over year.
Homes in 40507 saw the lowest percent increase, but the change was still 14.15%. This brought the median area value to $376,288, above the average value for all of Lexington.
Area code 40508 has the lowest median home value for these Lexington postal codes, with a figure of $157,040. Its value saw a 15.82% increase since April 2021.
Median home sale prices have also seen significant increases, with a jump of $15,694 from March to April. Homes are generally selling for 1.11% above list price as of April 2022, according to Realtor.com. The market leans completely to the sellers’ side on Realtor.com’s scale, as people are typically receiving offers exceeding list price.
Nationally, some real estate gurus expect conditions to become more balanced soon, according to one Zillow projection. The article says the U.S. market is reaching an inflection point and supply will be more plentiful. This means price increases are expected to slow, but not necessarily that a crash or pricing drops will occur.
In Lexington, real estate supply has seen an increase this spring. There were 858 homes for sale in March 2022, and there were 954 listings in April, according to Rocket Homes. This is an increase of 11.2% month to month. Four-bedroom homes saw the largest increase in number of listings, while one-bedrooms had no change.
Although there are more homes available than in previous months, they’re still going fast. Of the 329 houses Rocket Homes says were sold in April 2022, 95% sold in less than 30 days. Nine homes were sold in 30 to 90 days, and only six were sold in more than 90 days.
How has the median home value in your area changed? Explore data from April 2021 to April 2022 courtesy of the Zillow Home Value Index.
Note: This graphic will automatically update as new data become available.
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