Business and the Economy
Lexington Property Values Hold Steady
While Lexington is still feeling the effects of the housing downturn, a new report issued by the Fayette County Property Valuation Administrator's office shows the city weathering the storm better than many. The report compiled by Fayette County PVA David O'Neill shows Lexington property values remaining relatively stable, despite a steady decline in home sales for the past five years. O'Neill says, while not immune to the downturn, the city's housing market hasn't seen the kind of fluctuations other cities have.
"We didn't have the extreme highs of the housing bubble that other areas had. We haven't had the extreme lows since the market kind of collapsed," he says.
The most optimistic indicator: the median home sale price, which increased from $142,000 five years ago to $156,000 in 2010. But other indicators are not so rosy.
"Construction has taken a big dip, as are sales of houses. The number of houses sold has dropped about 43 percent since 2005," O'Neill says.
According to an article in the Lexington Herald-Leader, foreclosures dipped slightly in 2010, but O'Neill says that may have had more to do with regulatory changes than the economy.