Gray, KY—40734
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gray, KY
As of Oct '25, the median home price in Gray, KY is $157,000, with a year-over-year change of 5.3%. This indicates that home prices in Gray, KY are increasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $157,000 | 5.3% |
| Single Family | $157,000 | 3.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $167,000 | 0.0% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Gray, KY
Gray, KY lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Gray, KY
As of Oct '25, Realtor.com reports that the median days on market for a home in Gray, KY is 92. This is a increase of 25.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $117,000 | -44.0% |
Listing Count | 8 | -27.0% |
| Listings as % of Homes | 0.4% | -27.0% |
Days on Market | 92 | 25.0% |
Demographics — Gray, KY
As of the latest ACS Survey released in 2023, Gray, KY has a population of 3,630, which has decreased by -10.4% over the past 5 years. Gray, KY is a moderately popular place for families, as children make up 20.8% of the population. The area has a poorly educated workforce, with 7.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,630 | -10.4% |
% Under 18 | 20.8% | -21.8% |
% Seniors | 10.1% | -34.4% |
% WFH | 14.9% | 831.2% |
% w/ College Degree | 7.5% | 25.0% |
As of the latest ACS Survey released in 2023, Gray, KY is a predominantly white area, with 97.7% of the population identifying as white. The white population has grown by 2.3% in the last 5 years. The second most common race or ethnicity in Gray, KY is black, making up 0.4% of the population. Foreign-born residents account for 0.0% of the population in Gray, KY, and this percentage has decreased by 100.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 97.7% | 2.3% |
% Black | 0.4% | -42.9% |
% Hispanic | 0.1% | -96.9% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.0% | -100.0% |
Mortgage and Risk — Gray, KY
According to HUD data as of 2023, there were 30 mortgage originations in Gray, KY, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Gray, KY. Investor activity is low, as 7.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 30 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 7.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Gray, KY
Gray, KY lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 30 |
Total Units Section 8 | 30 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 97.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $680 |
| 2 Bedroom | N/A | N/A | $870 |
| 3 Bedroom | N/A | N/A | $1,050 |
| 4 Bedroom | N/A | N/A | $1,450 |
Affordability — Gray, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $157,000 |
| Median Household Income | $40,300 |