Zillow Kentucky Real Estate (2024)

FAQs

How is the housing market in Kentucky right now? ›

What is the housing market like right now? In July 2024, home prices in Kentucky were up 2.1% compared to last year, selling for a median price. On average, the number of homes sold was up 10.2% year over year and there were 4,478 homes sold in July this year, up 4,062 homes sold in July last year.

Median Home Price

Thus, overall, this state is quite affordable. That said, it's worth noting that some cities in Kentucky tend to have higher home prices. For example, the median home price as of May 2024 in Lexington, Kentucky is $330K (per Redfin).

Real property is defined as land and any permanent structures attached to it. Some examples of real property are: Houses. Office Buildings.

Some of the nicest places to live in Kentucky include Louisville, Elizabethtown, Owensboro, and Henderson. Kentucky offers a mix of larger cities and smaller ones, with some mid-sized towns in between so it's easy to find a place to live that fits your needs and preferences.

Kentucky boasts some of the most affordable real estate in the United States. According to recent data, the median home price in Kentucky is significantly lower than the national average. This affordability allows investors to enter the market with less capital and provides a lower financial barrier to entry.

Middlesborough is one of the most affordable places to live in Kentucky. It offers housing which is 67.3% lower than the national average. Also, renting a two-bedroom unit costs $1,055 per month. Residents in Middlesborough, KY, can experience both natural and cultural attractions.

How expensive is it to live comfortably in Kentucky? Throughout the Bluegrass State, a single working adult must earn at least $80,704 per year — or $38.80 per hour — to cover basic needs, fund common desires and properly sustain savings, according to SmartAsset's report.

Here are some general FHA loan requirements for Kentucky. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

Is it cheaper to build or buy a house in Kentucky? ›

It is usually cheaper to buy a home than build a new one. However, by building your own home you get a brand-new residence, customized to your needs. It costs $280,580 on average to build a home in Kentucky. This figure can add up to $430,580 if you include land costs, excavations, permits, and other expenses.

Minimum down payment in Kentucky: The minimum down payment a borrower may put down on a home in Kentucky depends on the loan. The down payment can be as low as 0% (USDA and VA loans), 3% (Conventional loans), or 3.5% (FHA loans).

Overview of Kentucky Taxes

Property taxes in in Kentucky are relatively low. The typical homeowner in Kentucky pays just $1,382 annually in property taxes, around half the national median.

​​In Kentucky, homeowners who are least 65 years of age or who have been classified as totally disabled and meet other requirements are eligible to receive a homestead exemption.

Yes. A Tangible Personal Property Tax Return must be filed for each location within Kentucky. Each return reflects the appropriate district within the appropriate county. Tax rates vary from district to district.

Among America's 50 biggest cities, 20 show annual price declines since last year, and the metro with the steepest drop might surprise you: In Miami, the median home price plummeted 11.2% from a year earlier, to $439,000. Whether any of these softening prices will result in lower housing payments is unclear.

The cost of living in Kentucky is 8% lower than the national average. Housing is 22% lower than the national average, while utilities are 1% lower. When it comes to basic necessities such as food and clothing, groceries are around 4% lower than in the rest of the country, while clothing costs 4% lower.

“[Lexington] ranks third from the bottom, despite being a sought-after area with a median sale price less than the national average. A co*cktail of scarce inventory, a high unemployment rate among under-25-year-olds, and median household income not even hitting $25,150 make homeownership difficult to attain for Gen Z.”

$362,481. The average United States home value is $362,481, up 3.3% over the past year and goes to pending in around 15 days.