Market Report for Lexington's Most Desired Zip Code in Which to Live, 40502

How's the Market in Lexington's Most Desired  Zip Code 40502

40502 includes Chevy Chase, The University of Kentucky and the Lakes areas.  These generally are homes that are in established neighborhoods.  They are all close to downtown, the University of Kentucky and the major hospitals.  Many of them also are waterfront properties and historic properties.

There are two facts that become pronounced when looking at the market in 40502.  

Homes in the desired nieghborhood are selling.  People want to live here and they will pay the premium prices to live here provided they are priced well.

Priced to sell means they will sell very quickly in 40502.

Look at these numbers when breaking down the prices and days on the market for sale in this desired Lexington neighborhood.

 $100,000 to $200,000  Homes that sold in the past six months in less than 180 days.  The numbers below are the average for 39 sales.

43 Days on the market      Orig. Price 173,877     Sales Price  157, 847        Sales Price Percentage of  Listing Price  92.9

$200,000 to $300,000      Homes sold in the past six months including everything over 180 days.  There were 48 sales.

75 Days on the market.      Orig. Price 270,379     Sales Price 246,742           Sales Price Percentage of Listing Price 94.3

$300,000 to $500,000    Homes that sold in the past six months in less than 180 days.  There were 38 sales

39 Days on the market.     Orig. Price  413,609     Sales Price  385,329         Sales Price to Percentage of Listing Price 94.21

$500,000 to $3,000.000    Homes that sold in less than a hundred days.  There were 12 sales.

11 days on the market         Orig. Price 783,258    Sales Price 723,417   Sales Price to Percentage of Listing Price was 92.39

Note:  There were only a few homes for sale in Lexington's favorite neighborhood excluded because of a large number of days on the market.  I felt like including those with huge numbers really did not give a clear picture of the marke in this zip cod.

Again, it is obvious from these numbers that if a home is priced correctly it will sell quickly.