When looking at properties in Lexington, the first question that comes to mind is likely, 'Are there more single-family homes or condos and townhomes in this area?' Known for its horse racing and as a college town, Lexington is a region where the supply of condos and townhomes has been steadily increasing, particularly around the University of Kentucky.

So, what are the actual prices like? According to Redfin, the overall median sale price in Lexington in June 2026 was $354,807, which is a 5.3% increase from the previous year, and in July, it rose to $375,000, marking a 7.3% increase year-over-year. For Fayette County as a whole, the median price over the last three months was $350,000, up 5.7% from the previous year, with the median price per square foot at $197, a 1.0% increase. By type, the average price for single-family homes is $379,810, while condos are around $267,950, and the median price for townhomes, according to Homes.com, is confirmed at $286,000.

When comparing the three types side by side, condos are the most affordable, followed by townhomes, with single-family homes being the most expensive. In Lexington, particularly in areas like Paloma and Southwest Lexington, new townhome developments are noticeably increasing, appealing to young families wanting to reduce commuting distances while minimizing yard maintenance, as well as couples approaching retirement.

One of the most frequently asked questions is, 'How much do the maintenance fees differ?' Single-family homes often have their own land and may have no HOA or low fees, meaning maintenance is the owner's responsibility, resulting in lighter monthly fixed costs. In contrast, condos have relatively higher maintenance fees since the management company takes care of the building structure, exterior, and most amenities, while townhomes have HOA responsibilities limited to the exterior and common areas, placing them in the middle range. Although condos may appear to be the cheapest based on purchase price alone, when calculating total ownership costs including maintenance fees, townhomes may not differ significantly.

Another common question is, 'Which type is better for renting out?' Condos near the university tend to have steady rental demand from students or hospital workers, but short-term rentals may be restricted by management regulations, so it's essential to check the rules before purchasing. Single-family homes and townhomes generally have fewer rental restrictions, but since you cannot guarantee price appreciation, it's important to consider local supply levels as well. Given that Lexington is a college town, there is a noticeable difference in vacancy rates between the school year and breaks, so it's advisable to factor this in when calculating annual rental income.

Looking beyond Lexington's horse racing tracks, there are relatively more single-family homes with large lots available, while areas closer to downtown are rapidly increasing in condos converted from old warehouses or factories, as well as new townhomes. This indicates a market where young professionals seeking urban living and families desiring larger lots are clearly choosing different paths.

If you are a family concerned about education, it is recommended to check the school ratings for the Fayette County school district on GreatSchools or Niche. Neighborhoods known for good school districts tend to have a higher proportion of single-family homes, so prioritizing between school quality and maintenance convenience can make your choice easier. However, school district boundaries can change frequently, so be sure to verify the assigned school for the specific address before purchasing.

For families moving to Lexington from out of state, it's also good to note that property taxes and insurance rates in Kentucky may differ from those in your previous residence. Especially if the risk levels for tornadoes or floods differ from your previous location, the criteria for insurance premiums may also change, so getting a quote from an insurance company before signing a contract can be helpful. Tax and mortgage conditions can vary by county, so it's advisable to consult with a professional for specific details. This article does not constitute investment or legal advice, and consulting with a professional before any actual contracts is recommended.