The story of this market
The typical home in ZIP 40502 sells for about $360,000, or $197 per square foot.
Prices are down 2.41% from a year ago, which gives buyers more room to negotiate. Homes take about 38 days to sell. HUD's fair market rent for a two-bedroom is $1,089 a month.
ZIP 40502 — Lexington
The 40502 housing market remains stable with a median price of $360,000, reflecting a slight year-over-year adjustment as the market balances. High demand from university-affiliated residents and professionals continues to support property values despite a modest increase in days on market. Overall, the area remains a competitive and desirable location within Lexington.
This ZIP is ideal for families, university-affiliated professionals, and downsizers who value proximity to the city's cultural and educational core while maintaining access to established residential neighborhoods.
Median prices moved down 2.4% year over year.
Homes spend a median of 38 days on market with 7.8 months of supply — a balanced-paced market.
38% of listings have cut prices · homes sell at 98.5% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.5% · poverty 9.7% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 40502, Fayette County KY
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime trends in the Lexington area are generally consistent with mid-sized urban centers, with localized variations in safety; specific neighborhood-level data for 40502 is not determinable.
The area is served by the Fayette County Public Schools system, which maintains a mix of highly-rated magnet and traditional neighborhood schools.
The region faces standard Midwestern climate risks, including occasional severe thunderstorms and wind events; flood risk is localized to specific low-lying areas near regional waterways.
Lexington's economy is anchored by the University of Kentucky, healthcare systems, and a robust professional services sector, driving steady demand for housing.
Property taxes are assessed by the Fayette County Property Valuation Administrator; the rate is a composite of state, county, and city levies, with specific exemptions available for homesteads and seniors.
Residents of 40502 benefit from proximity to downtown Lexington and the University of Kentucky, with most commutes being short drives via major arterial roads.
The ZIP features access to several local parks, proximity to the University of Kentucky Arboretum, and established shopping districts along the Tates Creek and Nicholasville corridors.
The rental market is characterized by high demand driven by the university population and young professionals, with rents showing consistent year-over-year growth.
The economy is heavily influenced by the University of Kentucky, healthcare providers like UK HealthCare, and a strong regional agricultural and manufacturing base.
Lexington is served by a network of major highways including I-75 and I-64, with Lextran providing public bus transit throughout the urban core.
Development is focused on infill projects and the expansion of mixed-use residential zones near the city center and university district.
The Fayette County Property Valuation Administrator conducts annual assessments to ensure property values reflect current market conditions.
Parcels are subject to Fayette County Public Schools district taxes and various municipal service levies.
Property insurance premiums in the region are stable, though coverage for wind and storm damage remains a standard consideration for homeowners.
Data retrieved from US Census Bureau ZCTA-level tables and local market reports.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Malibu Jack's Lexington4.72 mi
- LexLive42.5 mi
- Sky Zone Trampoline Park4.54.1 mi
- Southland Lanes4.31.8 mi
- Battle Axes, LLC Lexington KY4.54.4 mi
- Kentucky Horse Park4.79.6 mi
- Rupp Arena4.62.6 mi
- Keeneland Association Inc4.87 mi
- Kroger Field4.71.2 mi
- Red Mile Gaming & Racing4.12.8 mi
- Kentucky Horse Park4.79.6 mi
- Keeneland Association Inc4.87 mi
- Masterson Station Park4.67.1 mi
- Raven Run Nature Sanctuary4.79.9 mi
- Cinemark Fayette Mall and XD4.43.2 mi
- Woodford Reserve Distillery4.819 mi
- Shaker Village of Pleasant Hill4.719.4 mi
- Otis A. Singletary Center for the Arts4.71.9 mi
- Fort Boonesborough State Park4.514.4 mi
- Mary Todd Lincoln House4.62.8 mi
- Kentucky Horse Park Campground4.69 mi
- Masterson Station Park4.67.1 mi
- The Arboretum, State Botanical Garden of Kentucky4.81 mi
- Raven Run Nature Sanctuary4.79.9 mi
- Jacobson Park4.63.8 mi
- Kearney Hill Golf Links4.38.1 mi
- University Club Of Kentucky4.39.8 mi
- Lakeside Golf Course4.23.3 mi
- Boone's Trace National Golf Club4.310.9 mi
- Tates Creek Golf Course4.12 mi
- Fayette Mall4.32.9 mi
- Publix Super Market at Citation Point4.45.7 mi
- Meijer4.33.5 mi
- Meijer4.32.8 mi
- T.J. Maxx4.32.1 mi
- Blue Grass Airport4.66.6 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
State botanical garden and major green space serving the Lexington community.
Major retail and dining hub serving the southern Lexington area.
Anchor institution providing sports, arts, and employment opportunities.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.