Lexington Market Report – 3rd QTR 2022

In the Lexington Market for the 3rd QTR 2022, the Average Sales Price for a Single-Family Home is $287,602.  This is an increase of +16.4% from the 3rd QTR 2021.  For Townhome Listings, the Average Sales Price is $271,190.  This is an increase of +4.2% from the 3rd QTR 2021.

The Median Sales Price for Single-Family Homes is $280,740 in the Lexington Market Report in the 3rd QTR 2022.  This is an increase of +19.5% from the 3rd QTR 2021, when the Median Sales Price was $235,000.  For Townhome Listings, the Median Sales Price is $260,000.  This is a decrease of -9.6% form the 3rd QTR 2021, when the Median Sales Price was $287,500.

At the end of the 3rd QTR 2022, there are 304 Single-Family Homes and 5 Townhomes were pending.  Inventory at the end of September 2022, there are 202 Single-Family Homes and no Townhome listing are available.

Sellers are receiving 99.3% of their list price for Single-Family Homes and 98.1% of their list price for Townhome Listings.

Lexington Zip Code Inventory

Months Supply by Lexington Zip Code

Ashfield is a new subdivision in Davidson County, NC by D.R. Horton.  Construction began in 2022.   Most of the homes are 2 story offering 3 or 4 bedrooms.  Lot size is 1/2 acre or larger.  Living space ranges from 1,900 sq. ft. up to 2,800 sq. ft.  Homes offer 2 car garages spaces.

Schools serving the community are Davis Townsend Elementary, Central Davidson Middle School, and Central Davidson High School.  There is no Homeowner’s Association.  Home Prices are in the mid 300K range depending on the model.

Lexington Market Report – 3rd QTR 2022

A total of 392 Single-Family Properties closed during the 3rd QTR in 2022.  This is a +13% increase from 2021 when there were 347 closings.  To understand how fast this market is moving, 80% of the closed homes in the 3rd QTR of 2022 were under contract within the first 30 days on the market.

A total of 5 Townhomes closed during the 3rd QTR in 2022.  This is an increase of +66.7% from 2021 when there were 3 closings.

Analysis of the absorption rate indicates an inventory of 1.8 month for Single-Family Homes and no townhome listings were available the end of the 3rd QTR 2022.

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

Lexington Market Report – 3rd QTR 2022

Closed Sales in zip codes 27292 and 27295

Lexington Market Report – 3rd QTR 2022

Pending Homes in zip codes 27292 and 27295

The Median Sales Price for a Townhome at the end of September 2022 is $260,000.  This is a decrease of -9.6% from the 3rd QTR in 2021 when the Median Sales Price for a Townhome was $287,500.

The Average Sales Price for a Townhome is $271,190.  This is an increase of +4.2% from the 3rd QTR in 2021 when the Average Sales Price for a Townhome was $260,167.

Summary for Lexington, North Carolina

Lexington, NC Stats

New listings decreased -9.9% in the 3rd QTR 2022 in Lexington, NC from the previous year.  Pending Sales decreased by -10.9%.  Closed Sales increased by +13% from the same time frame in 2021.  Prices are still rising because of the inventory shortage.

The Median Sales Price for a Single-Family Home is $280,740 which is an increase of +19.5% from the 3rd QTR in 2021.  The Average Sales Price for a Single-Family Home is $287,602 at the end of the 3rd QTR 2022.  This was a +16.4% increase from the 3rd QTR in 2021.

Sellers are receiving 99.3% of their list price.  Inventory levels of Homes for Sales increased by +36.5% from 2021 levels.  At the end of the 3rd QTR 2022, 202 single-family homes were available in Lexington.  Homebuyers wanting to enter the market will continue to be challenged by the low inventory levels.