Lexington, KY home prices and housing market

Lexington home values are up nearly four percent this year, but one in five sellers is cutting their price. Here is why that combination matters if you own a home here and are weighing a sale. The typical Lexington home is now worth about three hundred sixty thousand dollars, up almost 4 percent from a year ago. That part of the story is solid. The friction is on the listing side. There are roughly 670 homes for sale, and about 350 more came on the market this month, so buyers have real choice. Meanwhile the median asking price is about four hundred thirty-five thousand dollars, roughly seventy-five thousand dollars above what the typical home is actually worth. That gap is where the trouble starts. About one in five listings has already taken a price cut, and homes are taking about forty two days to sell, not the weekend pace sellers remember. Buyers here can afford to wait out an ambitious price. So if you sell this year, price at what your home is worth today, not what you hope it might be. The sellers cutting right now mostly aimed high, sat for weeks, then adjusted. You can skip that first month entirely by starting where the market already is. To see where your home sits in today's market, get a free estimate at Home Value Pros dot com.