Lexington, Kentucky, also known as the Horse Capital of the World is a great place to live thanks to its affordable cost of living and fun attractions, like historical sites and some of the best bourbon in the country.
The question is—what is the real estate market like in Lexington? Should take a risk and move to the city? Alternatively, if you’re already living there but planning to sell your home, should you take action?
We bring you the latest real estate trends in Lexington, KY to help you make a decision.
Why Move to Lexington
The reasons for moving to Lexington are endless, but here are some of the striking ones:
1. Affordable cost of living
If you’re considering moving to Lexington, you’re in luck. The city’s cost of living is 4% less than the national average, making it easier to live on a budget. Housing costs are 10% lower than the national average in the city, with a median home value of $265,000. A home in Lexington is a smart and affordable investment if you’re looking for a house in the South.
2. Healthy job market
Horses are a billion-dollar industry in Lexington, but healthcare, education, and manufacturing contribute to the city’s low unemployment rate, which is 7% lower than the national average. As a medical hub in Kentucky, Lexington’s central location offers a lot of opportunities if you are working in the medical field. Additionally, you’ll find jobs in product development, marketing, engineering, and more.
3. Easy transportation
The major Lexington roads were designed as spokes in a wheel, so you can easily get around the city. Use the 26 convenient bus routes around town or ride a bike around the city with the Lexington bike-share program.
4. The local parks
Thanks to Lexington’s mild weather and over 100 parks, there is no shortage of outdoor recreation in Lexington. The Arboretum State Botanical Garden of Kentucky has beautiful gardens like the Memorial Rose Garden, Iris Display, and Pond Garden. Jacobson Park also offers fishing, pedal boating, kayaking, and volleyball.
5. Opportunities for retirees
Because of its affordable housing, accessible healthcare, and low cost of living, Lexington is consistently ranked as the most affordable city for early retirement. In addition to having relatively low sales and property taxes, Kentucky provides seniors with deductions for additional retirement income and doesn’t tax Social Security benefits.
In addition, Lexington offers seniors the best health care in the region through top-rated hospitals. Besides retirement communities, the city offers additional housing and fun activities for retirees.
The Latest Real Estate News in Lexington, KY
Kentucky Realtor reports a 14% decline in home sales year-over-year, the largest drop since the pandemic began. In October 2021, pending sales decreased by 11%, indicating that the housing market continues to slow down.
If you have been putting off selling, now is the perfect time. Inventory levels are rising, so potential homebuyers have more opportunity to find the perfect property fit for themselves. You can also be sure to close a sale because according to experts, homes in Lexington sell for the approximate asking price.
The median sale price of homes in Kentucky rose to $265,000, which is higher than the previous record from July of $225,000. A striking statistic remains the jump in median price from just before the pandemic. Value increases over the past 18 months have affected the consumer’s ability to enter the housing market, but homeowners have simultaneously enjoyed record equity gains.
Sell Your Lexington House to Us—Fast
It is terribly frustrating when you are trying to sell your home, and nothing is happening. Even though it may seem frustrating, there are usually specific reasons why your house isn’t selling.
Fortunately, it isn’t the end of the world. Rylo Homes is a reliable cash homebuyer in Lexington, KY, and we’d love to prove it to you. Our easy homebuying process helps you sell your house without the hassle of traditional methods. Best of all, we buy houses in any condition. You can turn to us if you are facing foreclosure, bankruptcy, job loss, divorce, probate, inherited property, bad tenants, or any other reason you need to sell.
Get a fair cash offer today by calling us at (502) 317-8553.
