NewsCovering Kentucky


Despite pandemic, housing market in central Kentucky sky rockets

Posted at 7:45 PM, Dec 31, 2020
and last updated 2020-12-31 19:45:12-05

LEXINGTON, Ky. (LEX 18) — Despite the COVID-19 pandemic, the housing demand has skyrocketed in central Kentucky.

Houses in Lexington are on the market one minute and gone the next.

"I've had some this spring and summer and early fall, they're not lasting 24 hours. They're not lasting 12 hours," Devon Ramage, Lexington Real Estate Agent at The Brokerage, said.

Ramage says the most popular houses on the market are in the $150,000 to $300,000 range. Low interest rates and low inventory is causing it to be ultra-competitive, despite COVID-19.

"It's very frustrating when you're trying to get families into a home, and shoot, we have to wait two hours before the showing, well it went pending within those two hours. So we cancel the showing. Or we go in and make an offer and then and we get beat out because there's seven other offers," Ramage said.

Last November, the average home price was $178,000 and this year that number is up to $198,000. Jenna and JJ Haupert bought a home in Lexington a couple months ago.

"The house that we looked at had been on the market for a few weeks. It was overpriced. Otherwise, everything else we looked at, what one day we looked at 4 houses? And they were all pending like that evening, we didn't even get an opportunity," Jenna Haupert said.

Their advice to other homebuyers? Be willing to compromise. "Make the best of it too! It's a fun experience, but it's stressful, it's exciting. Be flexible," JJ Haupert said.