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Health & Fitness

Lexington Real Estate Market Report

As we make our way into the cooler days of fall, the real estate market in Lexington is still hot for buyers and sellers. In the past three months we have experienced a decrease in the number of days on the market as listings were closing at a rapid rate reaching the end of August.

In the last 90 days, in Lexington, 158 single family homes were sold. Currently, 71 houses are on the market for sale, 63 of which are under agreement, according to MLS. 

The following information represents the highs and lows of the transactions that occurred in the last 90 days. By looking at the averages, we are able to paint a valuable overview of the market during this period. The range of homes sold within this period included a 6 room 4 bedroom bungalow sold at $430,000, which was $30,000 above asking price all the way to a 14 room 6 bedroom colonial listed at $2,699,000 which sold under the asking price at $2,530,000. The average listing price of a single family home sold in Lexington between June-August was $978,373, while the average sale price was $986,577. 

The average days on the market for a single family home in Lexington this summer was under 40 days. However, 56 of those houses sold in less than 10 days on the market. To date, the 71 homes on the market in Lexington have been on the market for an average of 73 days. 

It's still a seller's market in Lexington with low inventory and high demand. If you are a buyer, single family listing prices are ranging from $429,000 to $5,398,000, so there is something in the current market for everyone. As current inventory stays on the market longer, prices may fluctuate in the buyers favor but that will vary on each individual property. Discussing facts and figures with your real estate agent is the first step to fulfilling your needs and making sure you get a great deal. 

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