Lexington-Bluegrass 2023 Recap
The Lexington-Bluegrass real estate market is experiencing an intriguing and dynamic landscape in 2024. The market data paints a fascinating picture of the trends and changes taking place in this region. Lets take a deep dive into the numbers, analyze the statistics, and provide insights into what these figures mean for buyers, sellers, and investors.
Market Overview
Residential Properties
In January 2023, the Lexington-Bluegrass real estate market had 2,689 active listings, with 1,158 new listings and 744 sold listings. The average list price for active properties was $348,784.30, and the average sale price for sold properties was $299,701.22. The median list price and median sale price for the month were $279,500 and $249,900, respectively.
Market Trends
1. Absorption Rate: The absorption rate, which measures the rate at which properties are being sold, was 2.1 in January 2023. This indicates a healthy market where properties are selling steadily.
2. Price Trends: The average list price in January 2023 saw a significant increase compared to the previous year, with a 10.7% rise. The median list price also increased by 9.05% year-over-year, reaching $299,900.
3. Days on Market: The average CDOM (Cumulative Days on Market) in December 2023 was 40 days, showing a slight decrease from the previous year. A lower CDOM indicates properties are selling more quickly.
4. Price Ranges: The market saw sales in various price ranges. The $100,000 to $119,999 and $120,000 to $139,999 price ranges had the highest number of sold listings in December 2023.
Pending and Active Listings
While analyzing the market, it's important to consider the number of pending and active listings. In December 2023, there were 850 pending listings and 2,925 active listings. This indicates a healthy balance between supply and demand.
New Listings
The number of new listings in December 2023 was 841, a 4.9% increase compared to the previous year. This suggests that sellers are actively putting their properties on the market.
What Do These Numbers Mean?
Buyers
For buyers, the Lexington-Bluegrass real estate market presents a range of options. The increase in new listings provides more choices for those looking to purchase a home. However, the rising list prices indicate that competition could be stiff in certain price ranges.
Sellers
Sellers in this market can take advantage of the increased demand and rising prices. The healthy absorption rate suggests that well-priced properties are selling quickly. Sellers should work with real estate professionals to determine the optimal listing price and strategy to maximize their returns.
Investors
Real estate investors can find opportunities in this market, particularly in the $100,000 to $139,999 and $140,000 to $159,999 price ranges, which had a significant number of sold listings. Conducting thorough research and working with local experts can help investors identify properties with strong potential for appreciation and rental income.
Conclusion
The Lexington-Bluegrass real estate market in 2024 is characterized by rising prices, increased new listings, and a healthy absorption rate.As the year progresses, staying informed about market developments will be key to making informed decisions in this dynamic real estate landscape.
