The story of this market
The typical home in ZIP 40504 sells for about $276,000, or $187 per square foot.
Prices are up +3.8% from a year ago, so sellers still have some momentum. Homes take about 42 days to sell. HUD's fair market rent for a two-bedroom is $970 a month.
ZIP 40504 — Lexington
The 40504 housing market is characterized by steady demand for entry-level homes, with a median price of $276,000 and a tight supply of 1.59 months. While the area faces challenges like an 8.2% vacancy rate and higher poverty levels, its central location and proximity to major employers continue to support moderate year-over-year price growth of 3.8%.
This ZIP is well-suited for first-time homebuyers, university-affiliated employees, and investors looking for entry-level properties in an established, centrally located urban neighborhood.
Median prices moved up 3.8% year over year.
Homes spend a median of 42 days on market with 1.6 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.7% · poverty 28.6% — a mixed stability 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 8.3%/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 6.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 40504, 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 rates in the 40504 area are generally higher than the national average, with property crime being the most frequently reported issue in this urbanized section of Lexington.
Schools serving the area include Picadome Elementary and Lafayette High, which generally maintain moderate performance ratings within the Fayette County Public Schools system.
The area is primarily an urban environment with standard regional risks for wind and occasional localized flooding, though it is not situated in a high-risk wildfire zone.
Economic momentum is driven by proximity to the University of Kentucky and major healthcare employers like Saint Joseph Hospital, with ongoing infill development and renovation of older housing stock.
Property taxes are assessed by the Fayette County Property Valuation Administrator; the rate includes a base county levy plus specific school district and urban service district taxes.
Residents benefit from direct access to major corridors like Versailles Road and New Circle Road, providing efficient transit to downtown Lexington and the University of Kentucky campus.
The area features proximity to local parks such as Picadome Park and is within a short drive of the shopping and dining districts along the Harrodsburg Road corridor.
The rental market shows elevated vacancy rates around 8.2%, suggesting a competitive environment for landlords and potential opportunities for renters seeking value.
The economy is anchored by the University of Kentucky, healthcare systems, and a robust service sector, benefiting from the stable employment base of Lexington.
The area is served by Lextran bus routes and is well-connected to the regional highway network, including US-60 and New Circle Road.
Development is focused on urban infill and the modernization of existing commercial properties along major arterial roads.
The Fayette County PVA conducts annual assessments to ensure property values reflect current market conditions.
Parcels are subject to Fayette County Public Schools district taxes and urban service district fees.
Property insurance premiums are influenced by regional weather patterns, with standard coverage for wind and hail being typical for the area.
Data retrieved from data.census.gov ZCTA 40504 profile.
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 Lexington4.72.8 mi
- LexLive42.1 mi
- Sky Zone Trampoline Park4.54 mi
- Southland Lanes4.31.9 mi
- Battle Axes, LLC Lexington KY4.52.6 mi
- Kentucky Horse Park4.77.8 mi
- Rupp Arena4.62.1 mi
- Keeneland Association Inc4.83.8 mi
- Kroger Field4.72 mi
- Red Mile Gaming & Racing4.11.1 mi
- Kentucky Horse Park4.77.8 mi
- Keeneland Association Inc4.83.8 mi
- Masterson Station Park4.64.6 mi
- Cinemark Fayette Mall and XD4.43.7 mi
- Evans Orchard and Cider Mill4.612.3 mi
- Woodford Reserve Distillery4.815.8 mi
- Shaker Village of Pleasant Hill4.718.7 mi
- Otis A. Singletary Center for the Arts4.72 mi
- Fort Boonesborough State Park4.517.7 mi
- Mary Todd Lincoln House4.62.2 mi
- Kentucky Horse Park Campground4.67.4 mi
- Masterson Station Park4.64.6 mi
- The Arboretum, State Botanical Garden of Kentucky4.82.4 mi
- Raven Run Nature Sanctuary4.712.8 mi
- Jacobson Park4.67.1 mi
- Kearney Hill Golf Links4.36 mi
- University Club Of Kentucky4.36.7 mi
- Lakeside Golf Course4.26.6 mi
- Tates Creek Golf Course4.14.9 mi
- Connemara Golf Course4.27.8 mi
- Fayette Mall4.33.3 mi
- Publix Super Market at Citation Point4.44.2 mi
- Meijer4.36.4 mi
- Meijer4.32.9 mi
- T.J. Maxx4.32.4 mi
- Blue Grass Airport4.63.6 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Community park providing green space and recreational facilities.
Major regional medical center serving as a primary anchor for the area.
Primary commercial corridor featuring diverse retail and restaurant options.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.