The current state of Lexington’s housing market

The current state of Lexington's housing market
Published: Oct. 21, 2022 at 4:44 PM EDT
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LEXINGTON, Ky. (WKYT) - According to the Fayette County property valuation administrator, there is a decline in the number of homes being sold since the beginning of 2022, and people in the market for a home right now say it’s been a long journey.

“With our kind of rapid appreciation over the past couple of years, creating an era of affordability in the marketplace both for the developers, investors, or home buyers has been more difficult,” said Rusty Underwood, Bluegrass Realtors President.

Underwood says local solutions like public and private partnerships, and progressive planning and zoning policies would help with affordability.

“That is really the tough part right now, home prices have not gone down, while interest rates have come up,” said Underwood.

He says it’s usually on a case-by-case basis. One of his own clients, Mac Cuffe has been in the market for a house in Lexington longer than he expected.

“It was very challenging though. It got a little discouraging,” said Mac Cuffe, home buyer. “You see a home; you want to take a look and you find out there are 5 offers and all 5 of them are above asking price.”

Mac says he’s seen the housing market shift over time. Now, he and his wife hope to leave their rental and close on their own home later this month.

“We found a house that we offered them asking price, they took the offer. But if that same house would’ve been 3 or 4 months ago, that house would’ve easily gone for over $400,000 and we can’t afford that,” said Cuffe.

The Fayette County PVA says that the median price of a home in Fayette County right now is approximately $300,000.