Fayette County remains a seller’s market, according to new June real estate data

Photo: A home on Tates Creek Road that recently sold for $1.3 million (Fayette PVA)

LEXINGTON, Ky. — The housing market in Fayette County, Kentucky remains a seller’s market, according to Rocket Homes data, with house prices experiencing an upward trend over the past year.

The median sold price of homes in Fayette County has grown by 9% since June 2022, with the cost now standing at an average of $294,816 or $161 per square foot, according to recently released data from Rocket Homes. The price hike is a trend that can be observed across all categories of homes based on bedroom count. Notably, homes with five or more bedrooms witnessed the steepest increase of 10.4%, going from $516.3K to $570K within a year.

This upward trend in house prices is not limited to Fayette County. Neighboring counties like Clark and Bourbon have also witnessed similar increases of 15% and 14.9% respectively. In contrast, Jessamine County experienced the lowest growth rate at a modest 1.4%.

Despite the rising prices, home availability in Fayette County has slightly decreased in June 2023, dropping by 2% from May 2023. Interestingly, there was a 10% increase in available one-bedroom homes, but a 4% decline was noted in the availability of four-bedroom homes.

Recent sales data shows a decrease of 2.1% in homes sold from May to June 2023. In June alone, a significant 43% of the 327 homes sold went for prices higher than their asking price. Only 32% of homes were sold at their asking price, while 24% were sold below. This trend underlines the seller’s market conditions prevalent in Fayette County.

Adding to this, the average sale time for homes in the county has nearly doubled over the past year, with homes being sold in 15 days on average, compared to just 8 days in June 2022. A staggering 90% of homes were sold in less than 30 days.

These market conditions point to a clear seller’s advantage in Fayette County. If you’re looking to buy, be prepared to act quickly and potentially pay more than the asking price.