Is Lexington-Fayette Southwest, 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-Fayette Southwest has remained a Seller's Market.
Housing Prices in Lexington-Fayette Southwest, KY
How much do homes in Lexington-Fayette Southwest, KY cost?
Median Sold Price
$350,216
$167/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lexington-Fayette Southwest was $350,216 in May 2024, up 7.1% from last year, and the median price per square foot was $167.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $89K | - | N/A |
2 Bedrooms | $203.9K | $260K | +27.5% |
3 Bedrooms | $285K | $310K | +8.8% |
4 Bedrooms | $408.2K | $432.5K | +5.9% |
5+ Bedrooms | $625K | $567.5K | -9.2% |
Summary: Lexington-Fayette Southwest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 27.5%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes decreased by 9.2%.
Median Sold Price Compared To Nearby Cities
Lexington-Fayette Central | $287.7K | $310.3K | +7.9% |
Lexington-Fayette Southwest | $327K | $350.2K | +7.1% |
Lexington | $295.4K | $314.8K | +6.6% |
Lexington-Fayette | $295.4K | $314.9K | +6.6% |
Lexington-Fayette Northwest | $278K | $290K | +4.3% |
Housing Supply in Lexington-Fayette Southwest, KY
How many homes are available in Lexington-Fayette Southwest, KY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
122 | 124 | +1.6% |
Summary: The Lexington-Fayette Southwest real estate market had 124 homes for sale in May 2024, a 1.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 7 | 6 | -14.3% |
3 Bedrooms | 59 | 66 | +11.9% |
4 Bedrooms | 45 | 41 | -8.9% |
5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The Lexington-Fayette Southwest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 11.9%, 4 bedroom homes decreased by 8.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
42 | 40 | -4.8% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in Lexington-Fayette Southwest in May 2024, down by 4.8% month-over-month. Of the 40 sold homes, 40% were sold under asking, 23% were sold at asking, and 38% were sold over asking.
Days on Market for Lexington-Fayette Southwest, KY
How long does it take to sell a home in Lexington-Fayette Southwest, KY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
13 Days | 9 Days | -30.3% |
Summary: Homes in Lexington-Fayette Southwest had an average of 9 days on market in May 2024, down by 30.3% compared to last year.
Breakdown of Home Sale Times
37 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 40 homes were sold in Lexington-Fayette Southwest; 93% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.