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Lexington weekly real estate update

The changes to the housing market are moving at a neck-breaking pace. To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Lexington using data from Redfin. Statistics are as of the four weeks ending March 6, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

Real estate is making headlines again this week, and for good reason. The housing market broke another all-time record in January 2022, with 70% of the homes on the market that month ending in a bidding war between buyers, according to data released Feb. 23. That rate was up by nine percentage points compared to the same time last year.

The milestone is good news for sellers—but another hurdle for potential homebuyers.

Sellers are able to capitalize on the lack of inventory and extremely high demand to command higher prices for their homes. Bidding wars also likely contributed to the recent jump in the average purchase loan size for conventional loans, which set a new record of $453,000 in late February.

Bidding wars represent yet another hurdle for potential homebuyers, on the other hand, who have already faced not only record-high home prices but record-low levels of housing inventory—and the looming threat of increased interest rates over the last several months.

All this spell a potentially rough several months ahead for homebuyers looking for a deal—or any buyer who’s looking for a property to purchase.

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Median sales price

Lexington, KY metro area:
– Median sales price: $263,778
– One-year change: +12.8%

Metros with highest median sales price
#1. San Francisco, CA metro area: $1.6 million
#2. San Jose, CA metro area: $1.5 million
#3. Santa Cruz, CA metro area: $1.3 million

Metros with lowest median sales price
#1. Springfield, OH metro area: $121,175
#2. Cumberland, MD metro area: $122,625
#3. St. Joseph, MO metro area: $125,488

Volodymyr Kyrylyuk // Shutterstock

Median sales price per square foot

Lexington, KY metro area:
– Median sales price per square foot: $143
– One-year change: +13.3%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,101
#2. San Jose, CA metro area: $923
#3. Kahului, HI metro area: $835

Metros with lowest median sales price per square foot
#1. Cumberland, MD metro area: $81
#2. St. Joseph, MO metro area: $90
#3. Anniston, AL metro area: $92

scarp577 // Shutterstock

Sales to list price ratio

Lexington, KY metro area:
– Average sales to list price ratio: 1.00
– One-year change: +0.01

Metros with highest sales to list price ratio
#1. San Jose, CA metro area: 1.14
#2. San Francisco, CA metro area: 1.12
#3. Oakland, CA metro area: 1.12

Metros with lowest sales to list price ratio
#1. Cumberland, MD metro area: 0.95
#2. Jonesboro, AR metro area: 0.95
#3. Watertown, NY metro area: 0.96

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Homes sold with price drops

Lexington, KY metro area:
– Homes sold with price drops: 17.3%
– One-year change: -1.1%

Metros with most homes sold with price drops
#1. Grants Pass, OR metro area: 37.8%
#2. St. Joseph, MO metro area: 37.6%
#3. Watertown, NY metro area: 37.1%

Metros with least homes sold with price drop
#1. San Jose, CA metro area: 4.2%
#2. Seattle, WA metro area: 4.5%
#3. Hinesville, GA metro area: 5.4%

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Off market in two weeks

Lexington, KY metro area:
– Off market in two weeks: 76.2%
– One-year change: +4.4%

Metros with the most homes off market in two weeks
#1. Seattle, WA metro area: 92.3%
#2. Olympia, WA metro area: 89.7%
#3. Denver, CO metro area: 87.8%

Metros with the least homes off market in two weeks
#1. Myrtle Beach, SC metro area: 1.4%
#2. Oshkosh, WI metro area: 4.4%
#3. Appleton, WI metro area: 4.6%

FOTOGRIN // Shutterstock

Months of supply

Lexington, KY metro area:
– Months of supply: 5.3 months
– One-year change: -1.0 months

Metros with the most months of supply
#1. Atlantic City, NJ metro area: 19.4 months
#2. New York, NY metro area: 17.8 months
#3. Kankakee, IL metro area: 15.7 months

Metros with least months of supply
#1. Lewiston, ME metro area: 1.9 months
#2. Denver, CO metro area: 3.0 months
#3. Olympia, WA metro area: 3.1 months

This story originally appeared on ZeroDown
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