Lexington area sees more home sales, higher prices in March
LEXINGTON, Ky. (WKYT) - The housing market in Lexington is recovering from the pandemic. In fact, officials say sales and prices for homes were both up in March.
After a long winter with fewer houses being built and fewer houses being bought, the market is blooming in 2021.
The Lexington-Bluegrass Association of Realtors released statistics for March 2021 showing increases in home sales and newly constructed home sales.
LBAR President Kristy Gooch says, right now, the market is recovering at a very good rate.
“Lexington alone has seen a boom in the housing market as well as central Kentucky,” Gooch said. “You know that saying ‘Now’s the time to sell. Now’s the time to buy.’ When you have more pending’s than you have actual listings on LMS, it is definitely the time to sell.”
Gooch says that she is seeing a bit of a double-edged sword.
Possibly the biggest issue facing the housing market now is the lack of houses available.
Officials with LBAR say that typically you want a 6 month supply of houses on hand to sell, but right now that number is closer to 1 month which is an all-time low.
“There’s a lot of homeowners that the reason they’re not putting their house up for sale is they’re fearful of having a place to move to, and the only solution there is for more homeowners to put their houses up for sale,” Gooch said.
Gooch says that ramifications from the 2008 recession, coupled with more millennials wanting to buy houses, and more people wanting to move to Kentucky are all reasons why the demand for homes has gone up.
She says that if the numbers that were posted in March of this year are any indication, the rebound from the pandemic will continue to be strong.
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