Prospect, KY—40059
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Prospect, KY
As of Oct '25, the median home price in Prospect, KY is $590,000, with a year-over-year change of 4.5%. This indicates that home prices in Prospect, KY are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $590,000 | 4.5% |
| Single Family | $650,000 | 4.0% |
| Condos | $257,000 | 4.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $228,000 | 4.6% |
2 Bed | $385,000 | 4.3% |
3 Bed | $534,000 | 4.1% |
4 Bed | $689,000 | 3.8% |
| 5 Bed | $902,000 | 3.2% |
% of Housing Stock
Rental Trends — Prospect, KY
As of July '25, Rentcast reports the average rent in Prospect, KY is $3,440, with a year-over-year rent change of 8.5%. Per bedroom, the median rent as of July '25 in Prospect, KY is 1-bedrooms: $1,760, 2-bedrooms: $2,250, 3-bedrooms: $3,240, 4-bedrooms: $4,460. The most common rental property sizes in Prospect, KY are 2-bedroom and 1-bedroom, accounting for 44.5% and 27.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,100 | $3,440 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,700 | $1,760 |
| 2 Bed Rent | $2,250 | $2,250 |
| 3 Bed Rent | $2,850 | $3,240 |
| 4 Bed Rent | $3,880 | $4,460 |
% of Rental Stock
Property Listings — Prospect, KY
As of Oct '25, Realtor.com reports that the median days on market for a home in Prospect, KY is 53. This is a increase of 14.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $938,000 | 6.0% |
Listing Count | 178 | 37.0% |
| Listings as % of Homes | 1.0% | 37.0% |
Days on Market | 53 | 14.0% |
Demographics — Prospect, KY
As of the latest ACS Survey released in 2023, Prospect, KY has a population of 19,900, which has increased by 1.6% over the past 5 years. Prospect, KY is a moderately popular place for families, as children make up 22.2% of the population. The area has a highly educated workforce, with 70.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,900 | 1.6% |
% Under 18 | 22.2% | -15.6% |
% Seniors | 23.3% | 31.6% |
% WFH | 20.6% | 119.1% |
% w/ College Degree | 70.6% | 2.9% |
As of the latest ACS Survey released in 2023, Prospect, KY is a predominantly white area, with 86.4% of the population identifying as white. The white population has shrunk by 1.0% in the last 5 years. The second most common race or ethnicity in Prospect, KY is asian, making up 4.3% of the population. Foreign-born residents account for 7.7% of the population in Prospect, KY, and this percentage has increased by 18.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 86.4% | -1.0% |
% Black | 4.1% | 0.0% |
% Hispanic | 2.4% | 26.3% |
% Asian | 4.3% | -17.3% |
% Foreign Born | 7.7% | 18.5% |
Mortgage and Risk — Prospect, KY
According to HUD data as of 2023, there were 602 mortgage originations in Prospect, KY, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 15.0% above 90% LTV (elevated). This implies medium mortgage risk in Prospect, KY. Investor activity is low, as 1.0% 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 | 602 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Prospect, KY
As of 2024, the percent of homes in Prospect, KY under the Section 8 program is 1.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Prospect, KY, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 13 |
Total Units Section 8 | 13 |
% Rentals under Section 8 | 1.3% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$60 | $1,700 | $1,640 |
| 2 Bedroom | -$250 | $2,250 | $2,000 |
| 3 Bedroom | -$270 | $2,850 | $2,580 |
| 4 Bedroom | -$890 | $3,880 | $2,990 |
Affordability — Prospect, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $590,000 |
| Median Household Income | $165,000 |