Lexington, Kentucky

Home values and home prices in Lexington

In Lexington, the median housing value is $167,000. This is an increase of 3.6 percent from 2017. It is predicted by Zillow that housing values will increase 3.2% this year.  Lexington’s per square foot median list price is $131. The Metro area of Lexington has an average per square feet of $123, which is lower than the city of Lexington.

$250,342 is the median cost of houses listed at this time in Lexington. $1,200 is the median cost in Lexington to rent.

Something that will have an impact on housing values over the next few years is foreclosures. 0.2 houses go through foreclosure per 10,000 in Lexington. 1.6 homes go through foreclosure nationally, so Lexington’s foreclosure rate is 8 times lower than the national foreclosure rate.

It would be interesting to discover what factors influence a low foreclosure rate in Lexington. Perhaps such a study could help reduce foreclosure rates nationally.

In the procedure of foreclosure, the first step is mortgage delinquency. The definition of a delinquent mortgage is a mortgage in which the home owner fails to make mortgage payments as is required in mortgage documentation.

1 percent is Lexington’s percentage of mortgage delinquent homes. The national average is higher at 1.6 percent of homes having mortgage delinquency.

Nationally, the values of houses dropped more than 20 percent from their high in 2007 through their low in the later part of 2011. This was a big recessionary period. As a result of this recession, many homeowners in the United States are currently underwater mortgage wise. The meaning of underwater is that the home owner owes more on their mortgage than the value of their house. There are 7.6 percent of Lexington’s homeowners currently underwater.