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Selling or Buying in the Andover Subdivisons of Lexington Kentucky?

Selling or Buying in the Andover Subdivison of Lexington?

These facts about the housing market in the Andover Subdivison will help you prepare to buy or sell in these subdivisons which include the following neighborhood.  Some of these subdivisions are quite small and exclusive.  Others have almost 500 homes.

Top reasons people buy in the  Andover Subdivisions located in Lexington Kentucky.

  • The Andover subdivisions in Lexington Kentucky are much newer than many of the other subdivisions such as Southland or Gainesway that I have explored in other posts.
  • The Andover subdivisions are located at the crossroads of Interstates 64 and 75.  It is a great location to commute north, south and east.  Many home owners living here commute to the Toyota plant in Georgetown or south to the Bluegrass Army Depot in Richland.
  • The Andover subdivisions are an easy drive to major the major shopping retail district of Hamburg and also very close to Costco.

The Market Analysis of the Andover Subdivisions

Criteria used for all homes:

  • A minimum of 3 bedrooms
  • A minimum of 2 full bathrooms
  • The average home that was smaller than 2900 square feet  in the Andover subdivisions in 2015 sold for $106 a square foot. In 2020 the average for homes under 2900 square feet was $139.00 a square foot.  That is a thirty one percent increase.   So far in 2021 the prices of homes under 2900 square feet has averaged $140.00 a square foot in the Andover subdivision.
  • The average home that was larger than 2900 square feet in the Andover subdivisions in 2015 sold for $102 a square foot.  In 2020 those homes sold for $117.00 a square foot.  That is an increase of 14 percent.  So far in 2021 prices of homes over 2900 square feet have averaged $128 a square foot.  That is a 21 percent increase since 2015 and a nine percent increase in just the last 6 months.  That seems to be a result of most of the homes that have sold this year sold at well over $500,000 and in previous years most of the homes that sold were under $500,000.

What we Learn that is Most Important about the Market Analysis of The Andover Subdivisions

The price increase in the Andover Subdivisions compared to other subdivisions I have written about such as Gainesway or Southland has seen a smaller increase.  So if you are interested in living in this area then selling your home and moving to one of the Andover Subdivisions may be a wise investment.

The price increases for the larger homes is considerably smaller than the larger homes. So if you live in one of the Andover Subdivisions you have the advantage when buying a larger home.

Home prices for the smaller homes seem to have stabilized this year.  Could that mean that prices may be about decline?   There still are not many homes for sale so it is hard to make that a reasonable prediction.

 

 

 

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Paul Campbell of the Jubilee Team with The Agency
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