Before selling their home, Lexington homeowners who want to maximize their profit will want to ensure that all the factors on the market are in their favor. While Kentucky has seen strong growth over the last few years, it’s important to check out real estate trends for Lexington in 2022 and determine if now is a good time to sell on the market.
With its diverse economy, a well-balanced job market, and accessibility to its residents’ wants and needs, Lexington, KY has plenty to offer. Which is why it’s no surprise that the community’s real estate properties are in high demand. Here’s what you should consider if you want to sell your house in Lexington fast while taking advantage of the strong real estate demand in the area.
House Prices in Lexington, Kentucky Are Increasing
The prices of homes in Lexington have been soaring for the last couple of years, even with the ongoing COVID-19 pandemic. The median sale price of homes in the area have increased 11% since October 2021 – with a 51% increase within the last five years – and it’s only expected to increase within the upcoming months. As of November 2021, the Zillow Home Value Index for homes in Lexington is $253,037, while Realtor.com estimates it at $269,900.
As a homeowner, it’s not just the house price you should watch out for. Lexington is currently considered a seller’s market, which means the real estate market is in your favor as there are more buyers than there are homes. While this doesn’t guarantee that you’ll have buyers scrambling to start a bidding war for your Lexington home, it means that – if factors like location and property condition are right – you can expect to receive an offer faster than the average 46-day wait in the area. Combined with a 35 to 45-day closing period, most homes in the area are sold within an average of 90 days.
More People Are Renting in Lexington
While you might be more focused on buyers, you should also consider the renter’s market in Lexington. Many of these buyers are investors with the plan of turning property into income generators through rental properties, and the strong renters’ market in Lexington is a good sign of the competitive landscape of the area. This is also the effect of the high demand of properties and not enough homes being built to keep up with the demand.
Within the last few years, the number of rental homes in Lexington have significantly increased by 16% annually. As of 2021, around 42% of properties in Lexington are rental homes. These numbers suggest two things for you as a homeowner looking to sell: first, the demand for property is still high; and second, the area is a lucrative market for investors.
The Lexington Population is Growing
Despite the already competitive real estate market for buyers, the population in Lexington and its surrounding areas are expected to grow within the next few years. With Kentucky’s lower cost of living, better quality of life, and growing urban areas to provide for everyone’s needs, cities like Lexington offer potential residents everything they need to thrive. Which is why the state is seeing a 9% growth rate within the past decade, with the northern Lexington area seeing a 21% growth within that time.
What this means for homeowners looking to sell is that various types of housing can be very profitable to sell within the near future. Lexington’s unemployment rate is down, and the overall job market is expected to grow in the construction, finance, education, and health sectors. From growing families to young professionals, the market has various types of buyers looking for different types of homes that match their needs.
Sell to a Professional Homebuyer
These market trends suggest that now is a strong time to sell for those looking to maximize the value of your home. This isn’t a guarantee that your Lexington home will sell, but the trends suggest that, if your house is in a good location and in good condition, the chances of selling fast and for the best price are fairly high.
For a fast and convenient way to sell your home, Rylo Homes is your one-stop solution for an easy home selling experience. We buy houses in Lexington, KY for a fair market price, regardless of the condition and location of your home. Grab the opportunity to get rid of unwanted properties fast by contacting our team of professional cash home buyers today.
