LEXINGTON, Ky. (FOX 56) – Lexington homes are selling for 25% more than two years ago, but experts say that shouldn’t stop buyers.
In Fayette County, homes are more expensive but the price hike is lower than the average national increase, which sits at nearly 40% higher than 2 years ago, according to Realtor.com.
The Lexington-Bluegrass Association of Realtors said the median sale price for a house in Fayette County costs $275,300, however, homes cost less the farther they are from the city.
LBAR said these rising prices are due to the low inventory.
Realtors indicate it’s a seller’s market, but buyers should not wait to make an offer on a property. If they do, they’ll be waiting for a long time.
“We don’t see any evidence of a de-escalation in price despite interest raises,” said Rusty Underwood, President of LBAR. “It is always a better time to buy now, and it’s still a lot more affordable to buy than rent in Fayette County.”
If you are in the market for your first or forever home, LBAR’s advice for you is the same. They advise potential buyers to organize finances, outline what they can afford, and find a realtor quickly.
“We’re still being successful with homebuyers and home sellers at all price points,” said Underwood. “So calling a realtor and getting that creative input will position yourself to be aggressive in an aggressive market.”
LBAR says despite challenges with rising rates, realtors are selling more homes this year than last year.