Lexington Market Report – 2nd QTR 2021

At the end of the 2nd QTR 2021, there are 316 Single-Family Homes and 2 Townhomes pending in the Lexington Real Estate Market.  Inventory at the end of March is 102 Single-Family Homes and 1 Townhome listing available for sale.

The Median Sales Price for Single-Family Homes is $219,690 in the Lexington Market Report in the 2nd QTR 2021.  This is an increase of +25.5% from 2020 when the Median Sales Price was $175,000.

The Average Sales Price for Single-Family Homes in Lexington is $247,955.  This is an increase of +26% from the 2nd QTR 2020.

Home for Sale for Lexington, NC

Months Inventory

Lexington Market Report – 2nd QTR 2021

A total of 288 Single-Family Properties closed during the 1st QTR in 2021.  This is an increase of 15.7% from 2020 when there were 249 closings.  To understand how fast this market is moving, 85% of the closed homes in the 2nd QTR of 2021 were under contract within the first 30 days on the market.

A total of 2 Townhomes closed during the 2nd QTR in 2021.  This is a decrease of -83.3% from 2020 when there were 12 closings.

Analysis of the absorption rate indicates an inventory of 1.1 months for Single-Family Homes and 0.3 months inventory for Townhome Listings.

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

Raven Ridge is in zip code 27295 in Lexington, NC off Arnold Road.  Construction in Raven Ridge began in 2021.  Most of the homes are two stories but there are some one-story properties.

Homes feature 3 or 4 bedrooms and attached two car garage spaces.  Living space ranges between 1,400 sq. ft. to 2,800 sq. ft.  The typical lot size is .20 up to .44 acres.

Schools serving the community are Welcome Elementary, North Davidson Middle, and North Davidson High School.  There is a Homeowner’s Association.  The HOA fee is $60 paid monthly.  Current List Prices are in the mid 250K range.

Lexington Market Report – 2nd QTR 2021

Days on Market by Price Range

Lexington Market Report – 2nd QTR 2021

Homes for Sale by Price Range

Tally Pointe is in zip code 27295 in Lexington, NC.  Construction in Tally Pointe began in 2021.  Home styles are 1 ½ and 2 stories with 4 bedrooms.  Properties feature attached 2 car garage spaces.

Living space is between 2,000 sq. ft. up to 2,800 sq. ft.  The typical lot size is from .29 acre up to .48 acre.

Schools serving the community are Friedberg Elementary, Oak Grove Middle, and Oak Grove High School.

Currently List Prices are in the low 300K range.  There is a Homeowner’s Association.  The HOA fee is $520 paid annually.

The Median Sales Price for a Townhome is $ 183,900.  This is a decrease of 26.3% from the 2nd QTR in 2020 when the Median Sales Price for a Townhome was $249,508.

The Average Sales Price for a Townhome is $ 183,900.  This is a decrease of -15.5% from the 2nd QTR in 2020 when the Average Sales Price for a Townhome was $217,718.

Summary for Lexington, North Carolina

Lexington, NC Stats

New listings increased 51.9% in the 2nd QTR 2021 in Lexington, NC from the previous year.  Pending Sales were up 17%.  Closed Sales increased by 15.7% from the same time frame in 2020.  Prices are still rising because of the severe inventory shortage.

The Median Sales Price for a Single-Family Home was $219,690, which is an increase of 25.5% from the 2nd QTR in 2020.  The Average Sales Price was $247,955 at the end of the 2nd QTR 2021.  This was a 26% increase from the 2nd QTR in 2020.

Sellers are receiving 100% of their list price.  Inventory levels of Homes for Sales decreased by -8.1% from 2020 levels.  At the end of the 2nd QTR 2021, 102 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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