LEXINGTON, Ky. — Prospective homebuyers looking to purchase newly constructed homes in Lexington face a substantial premium compared to those buying existing properties, according to new research from Clever Real Estate.

The median price of a new construction home in Lexington stands at $498,028, compared to $315,000 for the typical home on the market, a difference of $183,028 or nearly 58 percent, the research firm found using data from February 2026 and annualized 2025 figures.

The price gap in Lexington significantly exceeds the national average, where newly built homes cost $409,565 compared to $357,000 for all homes — a premium of $52,565. Nationally, new home prices have climbed 21.6 percent over the past five years, outpacing the 13.3 percent growth seen in overall home prices during the same period.

New construction represents a relatively small share of Lexington's housing market. The study found that new homes account for 12 percent of all home sales locally, slightly below the national median of 15 percent. Despite the premium pricing, new construction activity reached its strongest performance in several years in late 2025, according to local market reports.

Demand for newly built homes remains strong despite the hefty price tag. New construction homes often attract buyers with modern floor plans, energy-efficient features, lower maintenance costs and the ability to customize finishes and amenities, industry experts note.

The research also highlights Lexington's projected housing shortage. Current projections estimate the city will need over 30,000 additional housing units by 2030 to meet demand, a factor that continues to fuel both new construction activity and home prices across the region.

The findings come as homebuyers nationwide navigate limited inventory and rising housing costs. Housing market conditions vary widely across the country. Miami recorded the nation's largest premium for new construction homes, where newly built properties cost approximately $600,000 more than the typical home. In contrast, four major U.S. metro areas reported new construction homes priced below the median value of existing homes: San Francisco, Austin, Honolulu and Cape Coral.

The Clever Real Estate analysis was conducted using housing market data from major national real estate sources for 100 metro markets nationwide.