The story of this market
The typical home in ZIP 40508 sells for about $349,791, or $197 per square foot.
Prices are up +5.7% from a year ago, so sellers still have some momentum. Homes take about 38 days to sell. HUD's fair market rent for a two-bedroom is $1,800 a month.
This ZIP has no home sales of its own, so its market figures come from Lexington, Kentucky (city-level). Population, rents, hazards, lending and amenities are this ZIP's own readings.
ZIP 40508 — Lexington
The 40508 housing market remains competitive, driven by high demand from the university population and limited inventory of single-family homes. Prices have seen steady year-over-year growth, reflecting the broader Lexington market's resilience. While affordability remains a challenge for some, the area's central location continues to attract consistent interest from investors and renters.
This ZIP is ideal for students, young professionals, and investors looking for proximity to the university and downtown, though it is less suited for families seeking traditional suburban housing.
Median prices moved up 5.7% year over year.
Homes spend a median of 38 days on market with 2.6 months of supply — a fast-moving market.
23% of listings have cut prices · homes sell at 98.6% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 9.8% · poverty 37.2% — elevated distress and economic pressure.
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 10.4%/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 8.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 40508, 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 40508 area are higher than the national average, with property crime being the most frequently reported issue. The area experiences higher crime density compared to suburban parts of Fayette County.
Schools serving this ZIP are part of the Fayette County Public Schools district, which maintains a diverse range of performance ratings across its elementary, middle, and high school campuses.
The area is primarily an urban environment with standard regional risks for wind and storm events; flood risk is localized to specific low-lying areas near urban drainage systems.
Economic momentum is driven by the proximity to the University of Kentucky and downtown Lexington's ongoing revitalization efforts. Infrastructure development focuses on urban infill and connectivity improvements.
Property taxes are assessed by the Fayette County Property Valuation Administrator based on fair cash value. The jurisdiction utilizes a consolidated government structure with specific tax rates for the urban service area.
Residents benefit from high walkability and proximity to downtown Lexington, with most employment hubs accessible via short drives or local transit routes.
The area features several local parks and is within close reach of downtown shopping, dining, and the cultural amenities of the University of Kentucky campus.
The rental market is highly active due to the large student population and proximity to the university, resulting in consistent demand and low vacancy pressure.
The economy is anchored by the University of Kentucky, healthcare systems, and a growing professional services sector in downtown Lexington.
The area is served by Lextran bus services and is well-connected to major regional highway corridors including I-75 and I-64.
Development is focused on high-density residential infill and the adaptive reuse of historic structures in the downtown core.
The Fayette County PVA maintains a comprehensive assessment system with annual reviews to ensure property values reflect current market conditions.
Parcels are subject to Fayette County urban service taxes and support local school and library districts.
Property insurance premiums are stable but reflect the urban density and age of housing stock in the area.
Data retrieved from data.census.gov ZCTA 40508 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 Lexington4.73.5 mi
- LexLive40.4 mi
- Sky Zone Trampoline Park4.55.2 mi
- Southland Lanes4.32.5 mi
- Battle Axes, LLC Lexington KY4.51.6 mi
- Kentucky Horse Park4.77 mi
- Rupp Arena4.60.4 mi
- Keeneland Association Inc4.85.3 mi
- Kroger Field4.71.8 mi
- Red Mile Gaming & Racing4.10.7 mi
- Kentucky Horse Park4.77 mi
- Keeneland Association Inc4.85.3 mi
- Masterson Station Park4.64.4 mi
- Evans Orchard and Cider Mill4.611.2 mi
- Cinemark Fayette Mall and XD4.44.7 mi
- Woodford Reserve Distillery4.817 mi
- Otis A. Singletary Center for the Arts4.70.9 mi
- Fort Boonesborough State Park4.516.9 mi
- Mary Todd Lincoln House4.60.4 mi
- Ashland - The Henry Clay Estate4.72.1 mi
- Kentucky Horse Park Campground4.66.5 mi
- Masterson Station Park4.64.4 mi
- The Arboretum, State Botanical Garden of Kentucky4.82.4 mi
- Raven Run Nature Sanctuary4.712.7 mi
- Jacobson Park4.66.4 mi
- Kearney Hill Golf Links4.35.4 mi
- University Club Of Kentucky4.37.1 mi
- Lakeside Golf Course4.25.8 mi
- Cherry Blossom Golf Club412.8 mi
- Tates Creek Golf Course4.14.7 mi
- Fayette Mall4.34.2 mi
- Publix Super Market at Citation Point4.43.1 mi
- Meijer4.35.2 mi
- Meijer4.33.9 mi
- T.J. Maxx4.33.1 mi
- Blue Grass Airport4.65.2 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Major regional employer and cultural hub.
Central business district with extensive retail and entertainment.
Historic private university located within the ZIP.
No county-record distress flags across 2 researched properties on the ARED base layer. Key-figure check: median price diverges 35.3% from the nearest retained anchor (researched-property base layer) — beyond the 12.5% tolerance; an automated validation case is open and the value publishes pending its verdict. Validation: the flagged $280,000 could not be independently corroborated and was removed pending review (no prior-cycle value to revert to); the case is under review in the Command Center.