While the United States luxury real estate market at large floundered in 2023, Lexington, Kentucky’s premium market did not. 90 residential properties over $1M closed in Fayette County in 2023. Perhaps unsurprisingly, 43% of these transactions were cash, making them less effected by current interest rate conditions.
Also remarkable? 56% sold in one week or less. On average, these homes sold for 96% of list price and 86% of these sales closed for between $1 and $2M. 23% were identified as “new” or “under construction,” while the oldest dated from 1861. 2 condos were counted among the transactions.
These top 3 zipcodes accounted for 75% of sales of $1M+
- 40502 (44%)
- 40509 (21%)
- 40515 (10%)
Neighborhoods with the most $1M+ sales included:
- Rural-residential
- The historic Ashland Park
- The new Reserve at Greenbrier
- Hamburg’s Tuscany
- Lakewood
Other neighborhoods with multiple sales included Chevy Chase, Downtown, Shadeland, Montclair, Castlegate, Ashwood, Fairway, Deepwood, Lansdowne-Merrick, & Hartland Estates.
See some of our recent sales Fayette County here.
