The median home price in Lexington is $345K. Here’s what that looks like in today’s market
The median price for a home in Lexington stood at $345,000 in July, up 17% from where it stood a year before, according to figures provided by Bluegrass Realtors in August.
The real estate association has members in 30 counties across Central and Eastern Kentucky, including Fayette County.
With the midpoint price on the rise, figures show the total number of home sales took a corresponding drop in Fayette County, falling 28% between July 2022 and July 2023.
While there are some signs the national real estate market may be cooling down, Lexington remains very much a seller’s market. There simply are more people looking to buy homes than there are homes available, an analysis from housing site Realtor.com concluded.
If you’re a buyer looking for your next home in Lexington’s housing market, how far will $345,000 get you? Here’s a look at one home in downtown Lexington that recently sold for that price, plus a broader look at rising home values in the area.
348 Merino St.
Sold: July 13 for $345,000
Originally built in 1890, this Victorian-style home features three bedrooms, two bathrooms and a detached garage. It totals a little more than 2,000 square feet. The lot it sits on is about 7,500 square feet, according to its Realtor.com listing.
The home is located in the heart of the Woodward Heights neighborhood, which is a historic district listed with the National Register of Historic Places since 1980.
Only a short walk from Rupp Arena, downtown Lexington and the city’s Distillery District, 348 Merino St. features formal dining and living rooms beneath towering ceilings, along with a kitchen and bathroom on the first floor.
The home’s second floor has three bedrooms, another full bathroom and a balcony, which offers “the perfect sanctuary for peaceful morning coffees or quiet evening retreats,” according to its now-closed listing.
According to Zillow, the estimated monthly payment on the property is $2,144.
Size: 2,044 square feet
Year built: 1890
Taxes: $2,356 in 2020, according to Zillow.
How high are current home values in Lexington?
Lexington homeowners continue to enjoy rising values with the average home here worth $286,820 as of July. That’s up 4% over the past year, according to Zillow’s Home Value Index.
According to the index, as of June, more than 45% of sales were higher than the original listing price and roughly 40% sold for less than list price. In late July, the median days on market before the sale went pending was three.
Zooming to a neighborhood-by-neighborhood look at Lexington’s median home values, Zillow reports the following figures for the period between July 2022 and July 2023.
40502 (Chevy Chase, Ashland Park): $506,903, up 5.5%
40503 (Nicholasville Road to Harrodsburg Road): $302,187, up 3.8%
40504 (Between South Broadway and Old Frankfort Pike): $236,533, up 5.65%
40508 (Northside of Lexington): $171,232, up 3.1%
40507 (Gratz Park, downtown Lexington): $388,117, up 6.96%
40505 (Bryan Station): $198,421, up 5.35%
40509 (Hamburg): $354,524, up 2.58%
You can explore other home values in the outlying Lexington ZIP codes, along with the ones included above, in the data visualization below. Note the data will update and change over time.
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