In Lexington, prices up to about $250k have been pretty stable. Over that, I have seen some prices fall in certain areas or due to things like winter sales or condition. Value is given in a range for real estate. When you have a house appraised, the appraiser picks 3 similar houses and compares them to the subject house. A value for the subject house is given compared to each comp. People over $250k are getting the low end of that range after years of getting the high end.
The best houses in each price range are still getting top dollar. Those are the ones that everybody wants. As long as there is a market for real estate, the best ones will always get top dollar. It is the ones that never become a buyer's first or second choice that sit there and sell for less, which brings up the topic of condition. Most of the houses that I have seen sell for less than they would have a couple years ago are the ones where the paint is rough, the carpet is stained, etc. Houses need maintenance. Everything in a house has an economic lifespan. The more you use up the life of your carpet, appliances, roof, or HVAC, the less attractive it is to a buyer. Buyer's were in a frenzy a few years back and would overlook these things, but they don't/can't now!
