Is Madison County, KY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Madison County has remained a Seller's Market.
Key Takeaway
Madison County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Madison County, KY
How much do homes in Madison County, KY cost?
Median Sold Price
$275,150
$95/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Madison County have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in Madison County was $275,150 in March 2024, up 5.8% from last year, and the median price per square foot was $95.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $105K | $130K | +23.8% |
| 2 Bedrooms | $135K | $141K | +4.5% |
| 3 Bedrooms | $243.6K | $256.5K | +5.3% |
| 4 Bedrooms | $320K | $348K | +8.8% |
| 5+ Bedrooms | $390K | $405K | +3.8% |
Summary: Madison County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.8%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes increased by 3.8%.
Median Sold Price Compared To Nearby Counties
| Estill County | $147.5K | $175K | +18.6% |
| Clark County | $215K | $233.9K | +8.8% |
| Jessamine County | $295K | $316.5K | +7.3% |
| Madison County | $259.9K | $275.1K | +5.8% |
| Garrard County | $250K | $254.5K | +1.8% |
Housing Supply in Madison County, KY
How many homes are available in Madison County, KY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 286 | 327 | +14.3% |
Summary: The Madison County real estate market had 327 homes for sale in March 2024, a 14.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 9 | 10 | +11.1% |
| 3 Bedrooms | 154 | 171 | +11.0% |
| 4 Bedrooms | 85 | 103 | +21.2% |
| 5+ Bedrooms | 36 | 41 | +13.9% |
Summary: The Madison County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 21.2%, and 5+ bedroom homes increased by 13.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 48 | 76 | +58.3% |
Asking Price vs. Sold Price
49 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison County, you may be able to get a good deal. 64.5% of homes here sold below asking price last month.
Summary: A total of 76 homes were sold or pending in Madison County in March 2024, up by 58.3% month-over-month. Of the 76 sold homes, 64% were sold under asking, 22% were sold at asking, and 13% were sold over asking.
Days on Market for Madison County, KY
How long does it take to sell a home in Madison County, KY?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 40 Days | 44 Days | +10.9% |
Summary: Homes in Madison County had an average of 44 days on market in Mar 2024, up by 10.9% compared to last year.
Breakdown of Home Sale Times
38 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Madison County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 76 homes were sold in Madison County; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 16% 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.