40502 Housing Market Report December 2024•Fayette County, Kentucky

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Housing Prices in 40502, KY

How much do homes in 40502, KY cost?

Housing Market Conditions

Is 40502, KY a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

40502 is a Seller's Market

Difference Since December 2023

Since last year, 40502 has remained a Seller's Market.

Insight

40502 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$567,500$162/SqFt
+$66,125
+13.2%

Based on all homes sold in the last 12 months

Insight

Homes in 40502 have sold for 13.2% more than they did a year ago.

Summary: The median home sold price in 40502 was $567,500 in December 2024, up 13.2% from last year, and the median price per square foot was $162.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
40502
+13.2%
40517
+8.0%
40503
+4.1%
40508
-8.3%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$169K$155K
-8.3%
2$279.7K$299.7K
+7.1%
3$442K$475K
+7.5%
4$625K$691.7K
+10.7%
5$825K$877.5K
+6.4%

Summary: 40502 housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -8.3%. The home price for 2 bedroom homes increased by +7.1%. The home price for 3 bedroom homes increased by +7.5%. The home price for 4 bedroom homes increased by +10.7%. The home price for 5 bedroom homes increased by +6.4%.

Housing supply in 40502, KY

How many homes are available in 40502, KY?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
65Last MonthDec 2024
842 months agoNov 2024
-22.6 %
Change MoMNov – Dec

Summary: The 40502 real estate market had 65 homes for sale in Dec 2024, a 22.6 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
25Last MonthDec 2024
282 months agoNov 2024
-10.7 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
111
0.0%
2148
-42.9%
32727
0.0%
42317
-26.1%
51912
-36.8%

Summary: 40502 housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -42.9%. The inventory for 3 bedroom homes remained the same. The inventory for 4 bedroom homes decreased by -26.1%. The inventory for 5 bedroom homes decreased by -36.8%.

Asking Price vs. Sold Price

How much do homes in 40502, KY cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price1 Home

At Asking Price6 Homes

Under Asking Price18 Homes

Insight

If you're buying a home in 40502, you may be able to get a good deal. 72% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in 40502 in December 2024, down by 10.7% month-over-month. Of the 25 sold homes, 72% were sold under asking, 24% were sold at asking, and and 4% were sold over asking.

Days on Market for 40502, KY

How long does it take to sell a home in 40502, KY?

Breakdown of Home Sale Times

Under 30 Days14 Homes

30 – 90 Days9 Homes

Over 90 Days2 Homes

Insight

Many homes in 40502 are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 25 homes were sold in 40502; 56% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
35 DaysThis YearDec 2024
14 Days1 year agoDec 2023
+137.2 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in 40502 had an average listing age of 35 days in Dec 2024, up by 137.2% compared to the previous year.

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Newest Listings in 40502, KY

What homes are available in 40502, KY?

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Nearby markets

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MLS Disclaimers and Copyright

Based on information from Imagine MLS, for the period 01/01/2023 - 01/01/2025

IDX The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Lexington-Bluegrass Association of Realtors Multiple Listing Service. Real estate listings held by IDX Brokerage firms other than this broker, are marked with the IDX logo or the IDX thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © 2025 LBAR Multiple Listing Service. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/31/2025, 6:20:57 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.