Innovative Drive, Lexington, KY—40515
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Innovative Drive, Lexington, KY
As of Oct '25, the median home price in Innovative Drive, Lexington, KY is $372,000, with a year-over-year change of 4.2%. This indicates that home prices in Innovative Drive, Lexington, KY are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $372,000 | 4.2% |
| Single Family | $372,000 | 4.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $218,000 | 2.3% |
3 Bed | $321,000 | 3.5% |
4 Bed | $468,000 | 4.7% |
| 5 Bed | $630,000 | 3.1% |
% of Housing Stock
Rental Trends — Innovative Drive, Lexington, KY
As of July '25, Rentcast reports the average rent in Innovative Drive, Lexington, KY is $1,930, with a year-over-year rent change of -1.0%. Per bedroom, the median rent as of July '25 in Innovative Drive, Lexington, KY is 1-bedrooms: $1,200, 2-bedrooms: $1,440, 3-bedrooms: $1,890, 4-bedrooms: $3,680. The most common rental property sizes in Innovative Drive, Lexington, KY are 2-bedroom and 3-bedroom, accounting for 40.2% and 32.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,930 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,140 | $1,200 |
| 2 Bed Rent | $1,600 | $1,440 |
| 3 Bed Rent | $1,800 | $1,890 |
| 4 Bed Rent | $2,550 | $3,680 |
% of Rental Stock
Property Listings — Innovative Drive, Lexington, KY
As of Oct '25, Realtor.com reports that the median days on market for a home in Innovative Drive, Lexington, KY is 37. This is a decrease of -12.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $489,000 | 6.0% |
Listing Count | 144 | 3.0% |
| Listings as % of Homes | 0.5% | 3.0% |
Days on Market | 37 | -12.0% |
Demographics — Innovative Drive, Lexington, KY
As of the latest ACS Survey released in 2023, Innovative Drive, Lexington, KY has a population of 36,800, which has remained stable by 0.4% over the past 5 years. Innovative Drive, Lexington, KY is a moderately popular place for families, as children make up 22.7% of the population. The area has a highly educated workforce, with 52.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 36,800 | 0.4% |
% Under 18 | 22.7% | 1.3% |
% Seniors | 13.8% | 15.0% |
% WFH | 12.9% | 118.6% |
% w/ College Degree | 52.7% | 6.7% |
As of the latest ACS Survey released in 2023, Innovative Drive, Lexington, KY is a predominantly white area, with 75.0% of the population identifying as white. The white population has shrunk by 6.0% in the last 5 years. The second most common race or ethnicity in Innovative Drive, Lexington, KY is black, making up 9.6% of the population. Foreign-born residents account for 9.5% of the population in Innovative Drive, Lexington, KY, and this percentage has increased by 18.8% 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 | 75.0% | -6.0% |
% Black | 9.6% | 33.3% |
% Hispanic | 6.8% | 21.4% |
% Asian | 4.0% | 2.6% |
% Foreign Born | 9.5% | 18.8% |
Mortgage and Risk — Innovative Drive, Lexington, KY
According to HUD data as of 2023, there were 721 mortgage originations in Innovative Drive, Lexington, KY, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Innovative Drive, Lexington, 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 | 721 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Innovative Drive, Lexington, KY
As of 2024, the percent of homes in Innovative Drive, Lexington, KY under the Section 8 program is 1.4%. 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. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Innovative Drive, Lexington, KY, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 99 |
Total Units Section 8 | 90 |
% Rentals under Section 8 | 1.4% |
% Occupied Section 8 | 94.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $10 | $1,140 | $1,150 |
| 2 Bedroom | -$230 | $1,600 | $1,370 |
| 3 Bedroom | $60 | $1,800 | $1,860 |
| 4 Bedroom | -$460 | $2,550 | $2,090 |
Affordability — Innovative Drive, Lexington, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $372,000 |
| Median Household Income | $83,800 |