Lexington Market Report – 1st QTR 2022

At the end of the 1st QTR 2022, there are 319 Single-Family Homes and 2 Townhomes were pending in the Lexington Real Estate Market.  Inventory at the end of March 2022 is 116 Single-Family Homes and no Townhome listing are available.

The Median Sales Price for Single-Family Homes is $250,000 in the Lexington Market Report in the 1st QTR 2022.  This is an increase of +23.5% from the 1st QTR 2021, when the Median Sales Price was $202,500.

Lexington Zip Code Inventory

Months Supply by Lexington Zip Code

Lexington Market Report – 1st QTR 2022

A total of 293 Single-Family Properties closed during the 1sr QTR in 2022.  This is an increase of +23.1% from 2021 when there were 238 closings.  To understand how fast this market is moving, 76% of the closed homes in the 1st QTR of 2022 were under contract within the first 30 days on the market.

A total of 3 Townhomes closed during the 1st QTR in 2022.  This is an increase of +50% from 2021 when there were 2 closings.

Analysis of the absorption rate indicates an inventory of 1.0 month for Single-Family Homes and no inventory for Townhome Listings.

Buyers might be interested in reading the following post on multiple offers.

Bryson Park is a new subdivision in Lexington zip code 27295 in the northern park of Davidson County.  The builder is D.R. Horton.  Building started in 2021.  Homes styles are 1 or 2 stories offering 3, 4, or 5 bedrooms.  All the homes have two car garage spaces.

Living space ranges from 1,500 sq. ft. up to 3,300 sq. ft. for the larger properties.  The typical lot size is around .17 acres.

There is a HOA Association.  Presently the monthly dues are $45 a month.  A community pool and club house are planned.  The schools are Friedberg Elementary, Oak Grove Middle and Oak Grove High School. Prices are in the 300K range depending on house size and features.

Lexington Market Report – 1st QTR 2022

Closed Sales in zip codes 27292 and 27295

Lexington Market Report – 1st QTR 2022

Pending Homes in zip codes 27292 and 27295

The Median Sales Price for a Townhome at the end of March 2022 is $298,000.  This is an increase of +134.6% from the 1st QTR in 2022 when the Median Sales Price for a Townhome was $127,000.

The Average Sales Price for a Townhome is $336,900.  This is an increase of +165.3% from the 1st QTR in 2021 when the Average Sales Price for a Townhome was $127,000.

Summary for Lexington, North Carolina

Lexington, NC Stats

New listings increased +31.1% in the 1st QTR 2022 in Lexington, NC from the previous year.  Pending Sales were up +21.8%.  Closed Sales increased by +23.1% from the same time frame in 2021.  Prices are still rising because of the severe inventory shortage.

The Median Sales Price for a Single-Family Home is $250,000, which is an increase of +23.5% from the 1st QTR in 2021.  The Average Sales Price for a Single-Family Home is $272,044 at the end of the 1st QTR 2022.  This was a +14.6% increase from the 1st QTR in 2021.

Sellers are receiving 100.2% of their list price.  Inventory levels of Homes for Sales increased by +38.1% from 2021 levels.  At the end of the 1st QTR 2022, 116 single-family homes were available.  Homebuyers wanting to enter the market will continue to be challenged by the low inventory levels.

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