Kentucky's real estate market is at an all time high according to the state's association of realtors.
Following a record year in 2015, a new high mark for homes sold came in 2016. Total home sales were the highest ever at just over 52,000. Kentucky Association of Realtors Chief Executive Officer Steve Stevens said an improving economy, lower unemployment, and cost of living contributed to the new record.
But, Stevens says not enough new homes are being built, partly because of a lack of labor brought on by the recession.
“You know these folks had to find different careers and so they’re not ready and waiting to jump back into that workforce. You have to cultivate almost an entirely new workforce for home construction.”
He said Lexington has seen big growth in apartment units, but much of the new single family houses are found in neighboring communities like Georgetown and Richmond.
“I can see that happening in the future unless Lexington is able to allow some development to occur in some of the spaces that have been maybe off limits up to now.”
The city of Lexington is about to embark on it’s long term planning process which includes future residential and commercial development. Then city council members might consider expanding the city’s boundary and that could allow for more new housing.