Lexington Homes are more expensive than Louisville KY
Posted by: Malok in Fayette County, Lexington KY Real Estate
The local newspaper, the Lexington Herald-Leader recently had an article about how Lexington homes are more expensive than the homes in Louisville KY. Their source for this comparison was the Coldwell Banker Home Price Comparison Index, which is released annually for persons to be able to compare what their homes value would be relative to properties in 315 other cities across the United States. The standard of comparison utilized in the report was a 2200 sq.ft. home w/ 4 bedrooms, 2.5 baths, a family room, and a 2 car garage.
Louisville was the reigning champ for highest priced home in Kentucky in 2007. For 2008, the Lexington homes with those features were priced at $291,000. For Louisville, it was only $241,060. A substantial turn around from the previous year. For comparison, the average price across all 315 cities surveyed was $403,738. So, relative to that both Louisville and Lexington Kentucky homes represent a tremendous value relative to many other parts of the country. And just for kicks: the highest priced area nationally & internationally was Dubai – where that home that met those specifications was valued at $2.5 million.
So, Lexington gets to be the champ for 2008. Hopefully the trend will continue. The local real estate market has languished somewhat with inventory increasing generally. The uppermost high end market has continued to pick up steam, and the $7500 first time home buyers tax credit that was recently passed has helped, at least somewhat, the entry level homes market to improve. But a lot of the property in between has increased market times due to the excessive amount of inventory, and people’s concerns with how the economy is fairing. All of that has left many persons wanting to wait and see what will happen before diving in to make a new home purchase.
