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Lexington weekly real estate update

The spring homebuying season is known to be fairly robust, but with interest rates continuing their steady climb it’s anyone’s guess what this spring will ultimately result in. This past week, the average interest rate for a 30-year fixed-rate mortgage reached 5.37%, up from 5.20% last week and still the highest since 2009. These rising rates are a major contributor to the continual decrease in mortgage applications. According to the Mortgage Banker’s Association, mortgage applications have decreased by 8.3% in the past week alone.

Of the ongoing trend in rates vs. applications, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said, “With mortgage rates increasing last week to the highest level since 2009, applications continued to decline. Overall application activity fell to the lowest level since 2018, with both purchase and refinance applications posting declines. Refinance applications were 70% below the same week a year ago, when the 30-year fixed rate was in the 3% range.”

To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Lexington, KY metro area using data from Redfin. Statistics are as of the four weeks ending April 24, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

Konstantin L // Shutterstock

Median sales price

Lexington, KY metro area:
– Median sales price: $276,312
– One-year change: +11.5%

Metros with highest median sales price
#1. San Francisco, CA metro area: $1.7 million
#2. San Jose, CA metro area: $1.6 million
#3. Santa Cruz, CA metro area: $1.3 million

Metros with lowest median sales price
#1. Cumberland, MD metro area: $106,375
#2. Bay City, MI metro area: $123,731
#3. Pine Bluff, AR metro area: $130,838

Volodymyr Kyrylyuk // Shutterstock

Median sales price per square foot

Lexington, KY metro area:
– Median sales price per square foot: $158
– One-year change: +17.3%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,125
#2. Kahului, HI metro area: $986
#3. San Jose, CA metro area: $959

Metros with lowest median sales price per square foot
#1. Cumberland, MD metro area: $74
#2. Pine Bluff, AR metro area: $79
#3. St. Joseph, MO metro area: $92

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Sales to list price ratio

Lexington, KY metro area:
– Average sales to list price ratio: 1.01
– One-year change: +0.01

Metros with highest sales to list price ratio
#1. Oakland, CA metro area: 1.15
#2. San Jose, CA metro area: 1.14
#3. San Francisco, CA metro area: 1.13

Metros with lowest sales to list price ratio
#1. Beaumont, TX metro area: 0.97
#2. Cape Girardeau, MO metro area: 0.98
#3. St. Joseph, MO metro area: 0.98

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Homes sold with price drops

Lexington, KY metro area:
– Homes sold with price drops: 8.0%
– One-year change: -4.1%

Metros with most homes sold with price drops
#1. Watertown, NY metro area: 32.3%
#2. New York, NY metro area: 28.8%
#3. Kingston, NY metro area: 28.3%

Metros with least homes sold with price drop
#1. Crestview, FL metro area: 0.7%
#2. Hinesville, GA metro area: 2.9%
#3. Seattle, WA metro area: 3.8%

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Off market in two weeks

Lexington, KY metro area:
– Off market in two weeks: 76.0%
– One-year change: -3.5%

Metros with the most homes off market in two weeks
#1. Seattle, WA metro area: 89.8%
#2. Olympia, WA metro area: 89.1%
#3. Rochester, NY metro area: 88.8%

Metros with the least homes off market in two weeks
#1. Urban Honolulu, HI metro area: 3.1%
#2. Appleton, WI metro area: 3.8%
#3. Oshkosh, WI metro area: 6.3%

FOTOGRIN // Shutterstock

Months of supply

Lexington, KY metro area:
– Months of supply: 5.2 months
– One-year change: -0.9 months

Metros with the most months of supply
#1. Beaumont, TX metro area: 18.9 months
#2. Atlantic City, NJ metro area: 18.5 months
#3. New York, NY metro area: 17.6 months

Metros with least months of supply
#1. Lewiston, ME metro area: 2.2 months
#2. Portland, ME metro area: 3.0 months
#3. Denver, CO metro area: 3.3 months

This story originally appeared on ZeroDown
and was produced and distributed in partnership with Stacker Studio.