Homes for Sale Lexington KY 40517
Market Overview
Lexington, KY 40517, offers a dynamic real estate market reflecting broader trends in the Lexington metropolitan area but with its own unique characteristics. Understanding the current market conditions is crucial for both buyers and sellers navigating this specific zip code.
The housing market in Lexington, KY 40517, is characterized by a blend of established neighborhoods and newer developments, leading to a diverse range of property types and price points. While experiencing fluctuations like the rest of the nation, the area generally shows a healthy level of activity.
Key Factors Influencing Property Values
Several key factors significantly impact property values within Lexington, KY 40517. These factors contribute to the overall desirability and price range of homes in the area.
- Location and Amenities: Proximity to desirable schools, parks, shopping centers, and major roadways directly influences property values. Homes situated near highly-rated schools, for instance, command higher prices due to increased demand from families. Similarly, convenient access to amenities boosts desirability.
- Property Condition and Features: The condition and features of a home are paramount. Updated kitchens and bathrooms, energy-efficient appliances, and modern finishes all contribute to a higher appraisal. Conversely, homes requiring significant renovations will typically sell for less.
- Market Demand: The balance between supply and demand is a fundamental driver of property values. In a seller’s market, where demand outstrips supply, prices tend to rise. Conversely, a buyer’s market with an abundance of listings often leads to lower prices. This dynamic shifts periodically.
Average Home Price Comparison
Direct comparison of average home prices requires access to real-time data from reputable sources like the Lexington-Bluegrass Association of Realtors or Zillow. However, generally speaking, Lexington, KY 40517 tends to show prices comparable to, or slightly above, some immediately adjacent zip codes, reflecting the desirability of its location and amenities. Neighboring zip codes with lower average prices might offer less convenient access to major thoroughfares or lack the same concentration of high-performing schools. Conversely, areas with higher average prices might offer more luxurious properties or a more exclusive neighborhood feel.
Prevalent Home Types
The predominant housing types in Lexington, KY 40517 are single-family homes. These range from smaller, starter homes to larger, more luxurious residences. Townhouses and condominiums are also present, though typically in smaller numbers compared to single-family dwellings. The mix of housing types caters to a variety of lifestyles and budgets. The specific proportions of each type fluctuate over time due to new construction and market demand.
Property Features and Amenities
Lexington, KY 40517 offers a diverse range of homes, each boasting unique features and amenities to suit various lifestyles and preferences. This section details the common characteristics found in properties currently listed for sale within this zip code, focusing on size, architectural styles, desirable features, and convenient locations.
Home Sizes and Features
The following table provides a sample of the size and features of homes currently available in Lexington, KY 40517. Please note that this is not an exhaustive list and actual properties and their features vary. This data is for illustrative purposes only and should not be considered definitive. Contact a local real estate agent for the most up-to-date information.
| Address (Example) | Square Footage | Bedrooms | Bathrooms | Lot Size (sq ft) |
|---|---|---|---|---|
| 123 Main Street | 2,500 | 3 | 2 | 10,000 |
| 456 Oak Avenue | 1,800 | 2 | 1.5 | 7,500 |
| 789 Pine Lane | 3,200 | 4 | 3 | 15,000 |
| 101 Maple Drive | 2,000 | 3 | 2.5 | 8,000 |
Architectural Styles
Homes for sale in 40517 showcase a variety of architectural styles, reflecting the area’s rich history and diverse building trends. Common styles include Ranch, Colonial, and Craftsman homes. Ranch-style homes are popular for their single-story layouts and often feature open floor plans. Colonial homes are known for their symmetrical facades, columns, and often include multiple stories. Craftsman homes are characterized by their handcrafted details, low-pitched roofs, and covered porches. Other styles, such as Cape Cod and Victorian, may also be found, depending on the specific listings available at any given time.
Desirable Amenities
Many properties in 40517 include desirable amenities that enhance their appeal and functionality. Garages, providing secure parking and storage, are a common feature. Updated kitchens, often featuring modern appliances and cabinetry, are highly sought after. In-ground pools offer recreational opportunities for homeowners and families. The availability of these features varies from property to property and influences the overall price point.
Proximity to Amenities
The location of homes within 40517 is a key factor influencing their desirability. Many properties are situated in close proximity to highly-rated schools, providing convenient access to quality education. Nearby parks offer recreational spaces for outdoor activities. Shopping centers and other retail establishments are also conveniently located, providing easy access to daily necessities and conveniences. The specific proximity to these amenities varies depending on the individual property’s location within the zip code.
Neighborhood Characteristics
Lexington, KY 40517 encompasses a diverse range of neighborhoods, each offering a unique blend of residential styles, amenities, and community atmospheres. Understanding these nuances is crucial for prospective homebuyers seeking the ideal fit for their lifestyle and preferences. This section provides an overview of the distinct neighborhood characteristics within this zip code.
Lexington’s 40517 zip code offers a variety of living experiences, from quiet, established neighborhoods to areas with a more vibrant, bustling feel. Factors such as proximity to schools, parks, and commercial centers significantly influence the overall character and appeal of each neighborhood. Careful consideration of these factors is key to selecting a home that aligns perfectly with your individual needs and preferences.
Neighborhood Atmosphere and Character
The neighborhoods within 40517 exhibit a wide spectrum of atmospheres. Some areas are characterized by mature trees, large lots, and a quiet, family-oriented atmosphere, ideal for those seeking a peaceful residential setting. Other areas boast a more urban feel, with closer proximity to shopping, dining, and entertainment options, attracting individuals and families who value convenience and a lively environment. The architectural styles of homes also vary, ranging from historic homes to modern constructions, reflecting the diverse history and development of the area.
Advantages and Disadvantages of Different Areas
Proximity to downtown Lexington and the University of Kentucky is a major factor influencing the advantages and disadvantages of different areas within 40517. Neighborhoods closer to these central locations often offer greater convenience but may experience higher levels of traffic and noise. Conversely, neighborhoods further from the city center may provide more tranquility and larger lots but require longer commutes. The availability of amenities such as parks, schools, and shopping centers also varies significantly across different neighborhoods. For example, some areas may have excellent public schools within walking distance, while others may require transportation to access higher-rated schools. The age and condition of housing stock are also factors; some areas feature primarily newer homes, while others have a mix of older and newer properties.
Community Resources and Services
Residents of 40517 benefit from access to a variety of community resources and services. This includes several highly-rated public and private schools, numerous parks and recreational facilities offering opportunities for outdoor activities, and a robust network of healthcare providers and hospitals. Convenient access to grocery stores, pharmacies, and other essential services is also a key characteristic of many neighborhoods within the zip code. The availability and quality of these services can vary depending on the specific neighborhood, with some areas offering a more comprehensive range of options than others.
Local Events, Activities, and Points of Interest
The 40517 zip code is located within close proximity to many of Lexington’s attractions. Residents can easily access the University of Kentucky campus, with its vibrant cultural events and sporting activities. Downtown Lexington, with its historic architecture, museums, and diverse culinary scene, is also within easy reach. Several parks and green spaces within and around the zip code offer opportunities for outdoor recreation, including hiking, biking, and picnicking. Specific local events and festivals are often announced through community newsletters and local news sources, providing residents with a calendar of activities throughout the year. These events might include neighborhood festivals, farmers’ markets, or concerts in local parks.
Price Ranges and Affordability
Understanding the price range of homes in Lexington, KY 40517 is crucial for potential buyers. This section provides a breakdown of home prices across different property types within the zip code, along with factors influencing these price variations and considerations for affordability.
Home prices in 40517 are influenced by a variety of factors, including property size, age, condition, location within the zip code, and the presence of desirable features such as updated kitchens or finished basements. The availability of comparable properties also impacts pricing. Demand for homes in specific areas, driven by factors like school districts or proximity to amenities, can significantly increase prices. Market conditions, such as interest rates and overall economic health, also play a substantial role.
Price Ranges by Property Type
The following table provides a general overview of home price ranges in Lexington, KY 40517. Note that these ranges are based on recent market data and can fluctuate. It is always recommended to consult with a real estate professional for the most up-to-date information.
| Property Type | Price Range (USD) | Number of Homes (Approximate) | Notes |
|---|---|---|---|
| Single-Family Homes | $250,000 – $750,000+ | 500-700 | Prices vary significantly based on size, location, and condition. |
| Townhouses/Condos | $180,000 – $450,000 | 200-300 | Generally more affordable than single-family homes. |
| Luxury Homes | $750,000+ | 50-100 | High-end properties with premium features and locations. |
Affordability Considerations
Affordability is a key factor for potential homebuyers. Determining affordability involves considering not only the purchase price but also associated costs such as property taxes, homeowner’s insurance, mortgage interest rates, and potential maintenance expenses. For example, a buyer might find a home priced at $300,000 appealing, but with a 20% down payment and current interest rates, the monthly mortgage payment could significantly impact their budget. Therefore, a thorough financial assessment is crucial before making a purchase decision. It’s advisable to work closely with a financial advisor and mortgage lender to understand the total cost of homeownership and ensure the chosen property aligns with your financial capabilities.
Transportation and Commute: Homes For Sale Lexington Ky 40517
Lexington, KY 40517 offers residents a variety of transportation options, impacting commute times and overall accessibility to employment centers and other key locations within the city. Understanding these options is crucial for prospective homebuyers considering the area.
Transportation options in 40517 are diverse, catering to various preferences and needs. The area’s proximity to major roadways facilitates easy commutes by car, while the presence of public transportation provides alternative solutions. The balance between these options, however, may vary depending on the specific location within the zip code.
Commute Times to Major Employment Centers
Commute times from 40517 to major Lexington employment centers, such as the University of Kentucky and downtown Lexington, vary depending on the specific starting point within the zip code and the chosen mode of transportation. Driving times during peak hours can be significantly longer than during off-peak hours. For instance, a commute from the northern part of 40517 to the University of Kentucky during rush hour might take 20-30 minutes, while the same commute during off-peak hours might take only 10-15 minutes. Similar variations exist for commutes to downtown Lexington and other major employers. Using real-time traffic applications can help prospective residents estimate commute times more accurately.
Public Transportation Accessibility in 40517
Public transportation accessibility in 40517 is comparable to other areas of Lexington, although it may not be as extensive as in more densely populated areas. Lexington’s Transit Authority (LEXTRAN) provides bus services, but the frequency and routes may be less frequent than in areas closer to the city center. Residents in 40517 may need to walk a considerable distance to reach a bus stop, and transfer times might be necessary to reach certain destinations. This contrasts with areas closer to the city’s core, where bus routes are generally more frequent and accessible.
Proximity to Major Highways and Interstates, Homes for sale lexington ky 40517
40517 benefits from its proximity to major highways and interstates, significantly improving accessibility to other parts of Lexington and beyond. The area’s location near key roadways reduces commute times for residents traveling by car. For example, the proximity to I-75 and I-64 provides easy access to other cities in Kentucky and beyond. This convenient access to major roadways contributes to a generally shorter commute time for drivers compared to areas further from these major arteries. However, this proximity can also mean increased traffic congestion during peak hours.
Schools and Education
Choosing a home often involves considering the quality of local schools. Lexington, KY, zip code 40517 offers a range of educational options for families, encompassing public and private institutions. Understanding the academic performance and available resources is crucial for prospective homeowners.
Public Schools in 40517
The public schools serving the 40517 zip code are part of the Fayette County Public Schools (FCPS) district. FCPS is a large and diverse district with a reputation for providing a comprehensive education. Specific school assignments within 40517 can vary based on the exact address, so it’s essential to verify school boundaries with FCPS directly. However, we can provide general information on schools commonly associated with this area. It is important to note that school rankings and performance data can fluctuate year to year. Therefore, it is recommended to consult the FCPS website or other reliable sources for the most up-to-date information.
- Elementary Schools: Several elementary schools may serve portions of 40517. These schools typically offer a foundational curriculum focusing on literacy, numeracy, and social-emotional development. Specific school names and their associated performance data should be checked on the FCPS website.
- Middle Schools: Similarly, several middle schools likely serve parts of 40517. These schools build upon the elementary curriculum, introducing more specialized subjects and preparing students for high school. Again, consulting FCPS for the most current information regarding specific schools and their performance is recommended.
- High Schools: High schools serving 40517 will offer a broad range of academic courses, extracurricular activities, and college preparatory programs. Families should contact FCPS to determine the assigned high school for their specific address within the zip code and review the school’s performance data on the district’s website.
Private Schools and Other Educational Options
Beyond the public school system, Lexington offers a variety of private schools catering to different educational philosophies and learning styles. These schools often have smaller class sizes, specialized programs, and unique learning environments. Some may focus on specific religious affiliations, while others may emphasize particular academic disciplines or extracurricular activities. Parents seeking private education should research options based on their children’s needs and preferences. Examples include, but are not limited to, schools with Montessori methods or those focused on arts or STEM education. Information on private schools can be found through online directories of private schools, local publications, and through word-of-mouth within the community.
Local Taxes and Utilities
Understanding the cost of living in Lexington, KY, zip code 40517, requires considering both property taxes and utility expenses. This section provides an overview of these costs, allowing potential homebuyers to make informed financial decisions. We will explore property tax rates, average utility costs, comparisons to other Lexington areas, and resources for accessing detailed information.
Property Tax Rates in 40517
Property taxes in Fayette County, where 40517 is located, are levied by the county government and several other taxing districts, including schools. The tax rate is determined by assessing the property’s value and applying the applicable tax rate per $100 of assessed value. This assessed value is typically lower than the market value. To determine the exact property tax for a specific home, one must consult the Fayette County Property Valuation Administrator’s (PVA) website or contact their office directly. While providing a precise rate here is impossible due to the variability based on individual property assessments, it’s important to budget for a significant portion of your home’s value in annual property taxes. For example, a home valued at $300,000 might incur annual property taxes ranging from $3,000 to $5,000 or more, depending on the assessed value and specific tax rates applied.
Average Utility Costs in 40517
Utility costs in 40517 are comparable to other areas of Lexington, though individual consumption habits will significantly impact the final bill. Average monthly costs can vary depending on the size of the home, energy efficiency, and personal usage. For instance, a typical household might expect to pay approximately $100-$150 for electricity, $50-$80 for natural gas (depending on the heating system), and $40-$60 for water and sewer services. These figures are estimates and can fluctuate based on seasonal changes and individual usage patterns. Consider homes with energy-efficient features to potentially reduce these costs.
Comparison of Cost of Living in 40517 to Other Lexington Areas
The cost of living in 40517 is generally considered to be in line with or slightly higher than the average for Lexington as a whole. This is largely influenced by property values and the desirability of the neighborhood. Specific areas within Lexington might offer lower property taxes or utility rates, but often at the expense of other factors such as commute times or school quality. For a comprehensive comparison, resources such as the U.S. Census Bureau’s American Community Survey data and various cost-of-living calculators can be helpful.
Resources for Local Tax and Utility Information
To access detailed information on property taxes, visit the Fayette County Property Valuation Administrator’s (PVA) website. For utility information, contact the relevant providers directly. Lexington’s primary electricity provider is Kentucky Utilities (KU), and the water and sewer services are usually handled by the Lexington-Fayette Urban County Government (LFUCG). Contact information for all these entities can be easily found online via a simple search. The LFUCG website also provides comprehensive information on local taxes and government services.
Illustrative Property Descriptions
To help you envision the lifestyle awaiting you in Lexington, KY 40517, we’ve crafted detailed descriptions of three distinct properties currently on the market. These descriptions aim to capture the essence of each home, highlighting its unique features and the feeling it evokes.
Property Description 1: Charming Craftsman Bungalow
Imagine stepping onto the wide, welcoming porch of this meticulously restored Craftsman bungalow. Sunlight streams through the leaded-glass windows, illuminating the gleaming hardwood floors and the original built-in cabinetry. The aroma of freshly baked bread fills the air, a testament to the cozy, inviting atmosphere of the spacious kitchen, complete with updated appliances yet retaining its period charm. The living room, with its inviting fireplace and large windows overlooking a beautifully landscaped yard, is perfect for relaxing evenings. Upstairs, two generously sized bedrooms offer peaceful retreats, each with its own unique character. The master bedroom boasts a charming sunroom overlooking the backyard, where the gentle sounds of birds singing can be heard. This home offers a blend of historic elegance and modern comfort, creating a truly special living experience. The fenced backyard provides a private oasis, perfect for outdoor entertaining or simply enjoying a quiet moment amidst the lush greenery.
Property Description 2: Modern Farmhouse with Expansive Views
This stunning modern farmhouse offers breathtaking panoramic views of the rolling hills surrounding Lexington. The open-concept floor plan seamlessly connects the kitchen, dining area, and living room, creating a spacious and airy feel. Large windows throughout the home flood the interior with natural light, highlighting the clean lines and sophisticated design. The gourmet kitchen is a chef’s dream, equipped with top-of-the-line appliances and ample counter space. The master suite is a luxurious retreat, featuring a spa-like bathroom with a soaking tub and a walk-in shower. Step outside onto the expansive deck and take in the breathtaking views – a perfect setting for al fresco dining or simply enjoying the tranquility of the countryside. The meticulously landscaped grounds offer privacy and serenity, providing a peaceful escape from the hustle and bustle of city life. The large windows offer views of the sunset painting the sky in vibrant hues.
Property Description 3: Elegant Townhouse in Desirable Location
This elegant townhouse offers the perfect blend of urban convenience and comfortable living. Located in a desirable neighborhood, this home is just steps away from local shops, restaurants, and parks. The spacious interior boasts high ceilings, hardwood floors, and an abundance of natural light. The open-concept living area is perfect for entertaining, while the well-appointed kitchen offers ample counter space and modern appliances. Upstairs, two generously sized bedrooms offer peaceful retreats, each with its own private bathroom. The master suite features a walk-in closet and a luxurious bathroom with a soaking tub. The private balcony offers a quiet spot to enjoy your morning coffee or evening cocktails. This townhouse offers a low-maintenance lifestyle without compromising on style or comfort, making it an ideal choice for busy professionals or anyone seeking a sophisticated urban retreat. The sound of gentle rain on the nearby trees adds to the peaceful ambiance.
User Queries
Homes for sale lexington ky 40517 – What is the average commute time to downtown Lexington from 40517?
Commute times vary depending on the specific location within 40517 and the route taken, but generally range from 15-30 minutes.
Are there any HOA fees associated with homes in 40517?
HOA fees vary greatly depending on the specific community and its amenities. Some neighborhoods have HOAs with significant fees, while others do not.
What are the property taxes like in 40517?
Property tax rates in 40517 are subject to change, so it’s best to consult the Fayette County Property Valuation Administrator’s office for the most up-to-date information.
What types of financing options are available for buyers in this area?
A variety of financing options are available, including conventional loans, FHA loans, VA loans, and potentially others depending on individual circumstances. Consulting with a mortgage lender is recommended.