Jan. 27—Buoyed by near record-low interest rates, real estate transactions in Fayette and surrounding counties topped $3 billion in 2020, a new record.
The number of Central Kentucky sales was also up compared to 2019 with 15,309 sales in 2020 compared to 14,153 the year prior, according to Lexington-Bluegrass Association of Realtors.
That’s an 8 percent increase.
Total sales were $3.5 billion, up 19 percent from 2019. It was the first year that total sales topped $3 billion.
December was also the 22nd straight month of increasing home prices.
In Fayette County, the median home price in December 2019 was $203, 985. In December 2020, the median home price was $229,000, a 12 percent increase.
“Last year was phenomenal for real estate in terms of overall transactions,”said Kristy Gooch, president of LBAR. “It served as a catalyst for the economy when many other industries weren’t so fortunate. It also shows how much demand there is for housing in our region.”
The available inventory of homes for sale is also low, driving up demand, real estate officials said.
December recorded a drop of 50 percent in total homes on the market with 1,633 residential properties for sale across all