In talking recently with a handful of local Realtors, potential home buyers and our friends at the Fayette County Property Valuation Administrator’s office, at least one fact seems to be agreed upon across the board: Lexington’s current real estate market is as action-packed as many can remember it ever being.
While the mortgage market hasn’t loosened significantly, an increase in availability of mortgage loans for qualified borrowers and generally low interest rates are among the factors that may have contributed to this prevalence of new home buyers and spike in recent activity; another potential factor is Fayette County’s steadily growing population rate, which is steadily outpacing local housing options. An executive summary recently released by a group of partners that includes homebuilders, real estate agents, the Fayette Alliance and various local government agencies projected a need to build nearly 3,000 new housing units in Fayette County per year to keep up with current levels of population growth to meet the projected population by 2025 – which would require more than doubling current production levels.
Certain neighborhoods are feeling the heat of the current real estate market activity more strongly than others, and bearing in mind the complexity of accurately conveying the actual atmosphere of the current local real estate market through numbers and charts, we’ve taken an up-close look at a few residential neighborhoods in both Chevy Chaser and Southsider Magazines’ distribution areas that have seen a lot of action during the past 12 months. We’ve pulled data from the past 12 months (June 1, 2016-May 31, 2017), as well as the prior year for comparison.
Special thanks to the Fayette County PVA office for supplying the maps and data that follow. Visit fayettepva.com for more information and additional property value assessment data.
CHEVY CHASER MAGAZINE
* For the sake of this article, “in the past year” refers to the period of June 1, 2016-May 31, 2017
** “Last year” refers to June 1, 2015-May 31, 2016
Photo furnished
Bell Court/Kenwick Residential Real Estate By the Numbers
Total single family residences: 1,161
Median age of house (in years): 91
Number of homes sold in the past year*: 60
Percentage of homes sold in the past year*: 5.2%
Median sale price: $200,000
Residential sales stats compared to the same period last year **
Number of homes sold last year**: 61
Percentage of homes sold last year**: 5.3%
Median sale price last year**: $207,000
Change in median sale price from last year to this year**: -3.4%
For the sake of reporting numbers, we’ve defined “Bell Court/Kenwick” as the area highlighted on this map. Map and data furnished by Fayette PVA
Photo furnished
Downtown Residential Real Estate By the Numbers
Total single family residences: 555
Median age of house (in years): 117
Number of homes sold in the past year*: 47
Percentage of homes sold in the past year*: 8.5%
Median sale price: $216,250
Residential sales stats compared to the same period last year **
Number of homes sold last year**: 58
Percentage of homes sold last year**: 10.5%
Median sale price last year**: $215,000
Change in median sale price from last year to this year**: +0.6%
For the sake of reporting numbers, we’ve defined “Downtown” as the area highlighted on this map. Map and data furnished by Fayette PVA
Photo furnished
Chevy Chase Residential Real Estate by the Numbers
Total single family residences: 2,852
Median age of house (in years): 67
Number of homes sold in the past year*: 150
Percentage of homes sold in the past year*: 5.3%
Median sale price: $456,300
Residential sales stats compared to the same period last year **
Number of homes sold last year*: 129
Percentage of homes sold last year*: 4.5%
Median sale price last year*: $430,000
Change in median sale price from last year to this year**: +6.1%
For the sake of reporting numbers, we’ve defined “Chevy Chase” as the highlighted area on this map. Map and data furnished by the Fayette PVA
Photo furnished
Gelendover / Shadeland Residential Real Estate by the Numbers
Total single family residences: 89
Median age of house (in years): 59
Number of homes sold in the past year*: 27
Percentage of homes sold in the past year*: 3.0%
Median sale price: $317,250
Residential sales stats compared to the same period last year **
Number of homes sold last year*: 34
Percentage of homes sold last year*: 3.8%
Median sale price last year*: $337,000
Change in median sale price from last year to this year**: -5.9%
For the sake of reporting numbers, we’ve defined “Glendover/Shadeland” as the highlighted area on this map. Map and data furnished by Fayette PVA
Photo furnished
Lansdowne / Zandale Residential Real Estate by the Numbers
Total single family residences: 1,042
Median age of house (in years): 55
Number of homes sold in the past year*: 67
Percentage of homes sold in the past year*: 6.4%
Median sale price: $236,000
Residential sales stats compared to the same period last year **
Number of homes sold last year*: 57
Percentage of homes sold last year*: 5.5%
Median sale price last year*: $253,000
Change in median sale price from last year to this year**: -6.7%
For the sake of reporting numbers, we’ve defined “Lansdowne/Zandale” as the highlighted area on this map. Map and data furnished by Fayette PVA
SOUTHSIDER MAGAZINE
* For the sake of this article, “in the past year” refers to the period of June 1, 2016-May 31, 2017
** “Last year” refers to June 1, 2015-May 31, 2016
Photo furnished
Beaumont Residential Real Estate By the Numbers
Total single family residences: 1,995
Median age of house (in years): 19
Number of homes sold in the past year*: 95
Percentage of homes sold in the past year*: 4.8%
Median sale price: $370,000
Residential sales stats compared to the same period last year **
Number of homes sold last year**: 109
Percentage of homes sold last year**: 5.5%
Median sale price last year**: $342,000
Change in median sale price from last year to this year**: +8.2%
For the sake of reporting numbers, we’ve defined the “Beaumont area” as the highlighted area on this map. Map and data furnished by Fayette PVA
Photo furnished
Clays Mill Extended Residential Real Estate by the Numbers
Total single family residences: 2,407
Median age of house (in years): 26
Number of homes sold in the past year*: 105
Percentage of homes sold in the past year*: 4.4%
Median sale price: $181,000
Residential sales stats compared to the same period last year **
Number of homes sold last year**: 125
Percentage of homes sold last year**: 5.2%
Median sale price last year**: $170,000
Change in median sale price from last year to this year**: +6.5%
For the sake of reporting numbers, we’ve defined the “Clays Mill Extended” neighborhood as the highlighted area on this map. Map and data furnished by Fayette PVA
Photo furnished
Waterford / Pinnacle / Veterans Park
Total single family residences: 2,370
Median age of house (in years): 19
Number of homes sold in the past year*: 152
Percentage of homes sold in the past year*: 6.4%
Median sale price: $243,500
Residential sales stats compared to the same period last year **
Number of homes sold last year*: 146
Percentage of homes sold last year*: 6.2%
Median sale price last year*: $245,189
Change in median sale price from last year to this year**: -0.7%
For the sake of reporting numbers, we’ve defined the “Waterford/Pinnacle/Veterans” neighborhood as the highlighted area on this map. Map and data furnished by Fayette PVA