LEXINGTON, Ky. (FOX 56 News) – According to the database used by realtors called Multiple Listings Service, or MLS, there are currently only 351 properties for sale in Lexington.

Keller Williams Realtor, Melia Hord, said the Fayette County market has gotten competitive especially in the last three years as she’s seen a decrease in inventory of homes.

“A healthy market is going to be anywhere from 3-6 months of inventory, and right now ya know we’re looking at 1-2 days of inventory in the market,” Hord said.

Hord said Lexington has become a destination spot because like any other city with higher education or an industry, it’s a good market.

“We have bourbon, we have horse sales, we have horse racing, we have SEC D1 sports, and we have medicine,” Hord said.

Transplants are also constricting the buying pool. Since the first of February 2022, Hord said she’s seen 18 clients alone from out of state.

“They’re selling their house from the west coast or the east coast, with a boat load of cash,” Hord said. “And for them, they’re moving from a 2,000-thousand square foot home that they got a million dollars for.”

When Hord asks her clients, ‘Why Kentucky? Why Lexington?’, she’s told it’s because of the minimal crime and the politics.

“They want a family life, they want the quiet, they want a place that they can call home,” Hord said.

Hord also adds that in the region, Indianapolis and Nashville are the most desirable metropolitan areas transplants want to move to. However, Lexington has climbed to the top of that list because of it’s competitive pricing.

“Here in Central Kentucky, our average price for a home is $278-thousand,” Hord said. “Across the state, you’re looking at $228-230-thouand, so when they’re coming here, and they’re getting land, and getting a bigger house, for them, they have cash,” Hord said.

Investors are also dipping into the buying pool, grabbing multiple properties at once for rental and Air Bnb purposes.

“We’re on that map, in the financial world, in the investor world, for the last three-to-four years, to say that Lexington is one of the top places to invest your money,” Hord said.

Hord said investor who buy multiple properties aren’t the only one well-positioned to buy a home. Anyone who’s renting a single-family or multi-family home around $1500-dollars could very well consider becoming a homeowner.

“Homeowners are four-to five times more wealthy than someone that rents,” Hord said. “There’s so many great government programs, loan programs, that banks and mortgage brokers offer, explore what’s out there.”

Hord addes that in 2021, a total of 6.1 million homes were sold across the United States, which is the highest its been since 2016.

The New York Times reports because of rising mortgage rates, the market will slow down in 2021, and likely increase again in 2022.