Due to new monthly highs in both total sales and median prices, February’s total volume jumped to over a quarter billion dollars in residential real estate sold. This represents a 19% increase when compared to last year’s total of just over $213 million.
Median prices climbed to new highs for the month reaching $218,000, up 7% over last year when the median was $204,000. Single-family home prices increased 7% to $220,000 while townhouse/condo prices rose 20%, reaching $192,500.
After a record-breaking year in 2021 for real estate, January continued the streak with several monthly highs. A jump in both sales and prices in the first month of the new year helped increase total volume to new record mark.
Residential sales in January reached 995, the most on record for the month, a 6% increase over last year’s total of 939, the previous monthly high.
The total volume of real estate sales across the 30-county region that makes up the Lexington-Bluegrass Association of Realtors® (Bluegrass REALTORS®) broke the $4 billion level for the first time in 2021. The annual total of over $4.2 billion was 20% higher than last year’s record of just over $3.5 billion. When averaged across all 12 months, the monthly volume was in excess of $350 million.
The Lexington-Bluegrass Association of Realtors® (Bluegrass REALTORS®) presented its highest awards for 2021 at the recent Installation Luncheon and Member Recognition Meeting – Realtor® of the Year and Good Neighbor – honoring outstanding Realtor® within the Association.
Rusty Underwood was installed as the 2022 president of the Lexington-Bluegrass Association of Realtors® (Bluegrass REALTORS®). He has served Bluegrass REALTORS® in many leadership positions including a three-year directorship, was treasurer in 2020 and has held many committee roles including finance, young professional network and executive. Additionally, Underwood is the acting president of the Realtor® Community Housing Foundation.
Continuing a long-term commitment to healthy communities for central and southeastern Kentucky homeowners, the Bluegrass REALTORS® (Bluegrass REALTORS®) announced its $2,000 investment in Somerset-Pulaski Economic Development Authority. Over the past 18 years, Bluegrass REALTORS® has made available over $685,000 to promote economic development across the region.
Over the warmer months of summer and fall, homes sold in less than three weeks on average, reaching as low as 17 days in August. That number rose to closer to four weeks in November, hitting 25 days. Although still 5 days lower than last year at this time, the spread was closer than any time since last summer.
