40508 Housing Market Report February 2025•Fayette County, Kentucky

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Housing Prices in 40508, KY

How much do homes in 40508, KY cost?

Housing Market Conditions

Is 40508, 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

40508 is a Neutral Market

Difference Since February 2024

At the same time last year, 40508 was a Seller's Market.

Insight

40508 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

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.
$240,000$146/SqFt
-$30,000
-11.1%

Based on all homes sold in the last 12 months

Insight

Homes in 40508 have sold for 11.1% less than they did a year ago.

Summary: The median home sold price in 40508 was $240,000 in February 2025, down 11.1% from last year, and the median price per square foot was $146.

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.
BedsFeb 2024Feb 2025Change YoY
1$184.9K$165K
-10.8%
2$277.6K$276.5K
-0.4%
3$300K$258.2K
-13.9%
4$338.5K$270K
-20.2%
5$490K$425K
-13.3%

Summary: 40508 housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes decreased by -10.8%. The home price for 2 bedroom homes decreased by -0.4%. The home price for 3 bedroom homes decreased by -13.9%. The home price for 4 bedroom homes decreased by -20.2%. The home price for 5 bedroom homes decreased by -13.3%.

How does 40508, KY compare with other places?

Market comparison tool

Data and numbers shown are subject to change and may vary based on different timeframes.

40508, KY

Housing supply in 40508, KY

How many homes are available in 40508, 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
42Last MonthFeb 2025
552 months agoJan 2025
-23.6 %
Change MoMJan – Feb

Summary: The 40508 real estate market had 42 homes for sale in Feb 2025, a 23.6 % decrease compared to Jan 2025.

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
6Last MonthFeb 2025
212 months agoJan 2025
-71.4 %
Change MoMJan – Feb

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.
BedsJan 2025Feb 2025Change MoM
11914
-26.3%
2107
-30.0%
31714
-17.6%
465
-16.7%
532
-33.3%

Summary: 40508 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes decreased by -26.3%. The inventory for 2 bedroom homes decreased by -30.0%. The inventory for 3 bedroom homes decreased by -17.6%. The inventory for 4 bedroom homes decreased by -16.7%. The inventory for 5 bedroom homes decreased by -33.3%.

Asking Price vs. Sold Price

How much do homes in 40508, 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 Price0 Home

At Asking Price1 Home

Under Asking Price5 Homes

Insight

If you're buying a home in 40508, you may be able to get a good deal. 83.3% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in 40508 in February 2025, down by 71.4% month-over-month. Of the 6 sold homes, 83% were sold under asking, 17% were sold at asking, and and 0% were sold over asking.

Days on Market for 40508, KY

How long does it take to sell a home in 40508, KY?

Breakdown of Home Sale Times

Under 30 Days2 Homes

30 – 90 Days3 Homes

Over 90 Days1 Home

Insight

Avg time on Rocket Homes in 40508 has remained consistent over time.

Summary: During February 2025, 6 homes were sold in 40508; 33% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 17% 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
46 DaysThis YearFeb 2025
60 Days1 year agoFeb 2024
-24.0 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in 40508 had an average listing age of 46 days in Feb 2025, down by 24.0% compared to the previous year.

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Newest Listings in 40508, KY

What homes are available in 40508, KY?

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MLS Disclaimers and Copyright

Based on information from Imagine MLS, for the period 03/01/2023 - 03/01/2025

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: 3/14/2025, 12:20:54 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.