Looking to sell? These Lexington ZIP codes have seen home values increase by 8% or more

Matt DiSanto
·3 min read

A seller’s market persists across much of Kentucky, according to reports from real estate site Realtor.com and insights by Bluegrass Realtors, and the Lexington area has seen notable increases in its home values.

In fact, median home values in some parts of the greater Lexington area have jumped by nearly 13% over the past year.

That figure comes courtesy of real estate site Zillow’s Home Value Index, which measures the ongoing rise of home values in the area. On average, Zillow says homes in Lexington are worth $275,616, up roughly 6.8% over the past year.

The index reports median home value increases of more than 8% for the 40356, 40504, 40505 and 40508 ZIP codes. Seven more report median value increases exceeding approximately 6% or more.

Zillow’s data reflect varying trends on the local level. Here’s a look at ZIP codes in the Lexington area and how the median home values there have changed over the past year, according to Zillow.

Note: This interactive graphic will automatically update as new data become available.

On average, Lexington-area ZIP codes saw their median home values increase by about 4.4% between March 2022 and March 2023. The average ZIP code in the greater Lexington area reflects a median home value of about $310,200, Zillow says.

The five ZIP codes in the Lexington area with the highest mid-point values are:

  • 40510 with a median value of $617,936

  • 40513 with a median value of $503,201

  • 40502 with a median value of $478,215

  • 40507 with a median value of $360,709

  • 40509 with a median value of $341,616

The ZIP code with the highest percentage increase in median home value is 40356, according to Zillow’s data. Homes in that ZIP code saw their values increase by approximately 12.83% between March 2022 and March 2023, ultimately setting up a median home value of $260,640.

Conversely, homes in the 40502 ZIP code saw their values shrink on average by the largest margin. Zillow reports an average 3.06% drop in value, resulting in a still-high $478,215 median home value this March.

Home sales slow to start 2023 in Lexington and Central KY, but supply gets a boost

Here are the median home values of some other Lexington-area neighborhoods, according to Zillow:

  • Chevy Chase-Ashland Park has a median home value of $639,669

  • Fairway-Liberty Heights has a median home value of $261,073

  • Eastland Park-Dixie Plantation has a median home value of $247,871

  • Idle Hour has a median home value of $200,170

  • Duncan Park has a median home value of $144,772

  • Castlewood Park has a median home value of $143,132

  • Lexington Manor has a median home value of $133,186

So far, 2023 has seen home prices in the Lexington area climb, according to Bluegrass Realtors.

The group’s most recent monthly market report, issued in mid-March, observed new, all-time monthly highs for home prices in Southern and Central Kentucky, marking the 48th consecutive month of year-over-year price appreciation. However, new listings are lagging behind demand, further cementing a seller’s market that continues throughout the region.

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