Frankfort, KY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Frankfort, KY Housing Market Trends

With a population of 27,755, 12,434 total housing units (homes and apartments), and a median house value of $171,295, house prices in Frankfort are solidly below the national average.

Single-family detached homes are the single most common housing type in Frankfort, accounting for 56.05% of the city's housing units. Other types of housing that are prevalent in Frankfort include large apartment complexes or high rise apartments ( 21.54%), duplexes, homes converted to apartments or other small apartment buildings ( 17.98%), and a few row houses and other attached homes ( 2.93%).

People in Frankfort primarily live in small (one, two or no bedroom) single-family detached homes. Frankfort has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Frankfort's housing was primarily built during this period, from the '40s through the '60s. A full 41.98% of the city's housing hails from this era. Other housing ages represented in Frankfort include homes built between 1970-1999 ( 39.45%) and housing constructed before 1939 ( 10.34%). There's also some housing in Frankfort built between 2000 and later ( 8.23%).

Frankfort Home Appreciation Rates

Frankfort's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Frankfort during the period has been just 2.07%, which is lower than 70% of US communities.

Appreciation rates are so strong in Frankfort that despite a nationwide downturn in the housing market, Frankfort real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Frankfort appreciation rates continue to be some of the highest in America, at 7.80%, which is higher than appreciation rates in 71.01% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Frankfort. Frankfort appreciation rates in the latest quarter were at 2.19%, which equates to an annual appreciation rate of 9.04%.

Relative to Kentucky, our data show that Frankfort's latest annual appreciation rate is higher than 60% of the other cities and towns in Kentucky.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Frankfort differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Frankfort - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Frankfort real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$171,295

Frankfort, KY HOME PRICES

> $1,198,000
0.0%
0.0%
$898,001 - $1,198,000
0.1%
0.1%
$599,001 - $898,000
0.7%
0.7%
$479,001 - $599,000
1.1%
1.1%
$360,001 - $479,000
4.0%
4.0%
$239,001 - $360,000
10.5%
10.5%
$120,001 - $239,000
55.2%
55.2%
$60,001 - $120,000
21.4%
21.4%
$0 - $60,000
6.9%
6.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for KY

Value Relative To Nation

Number Of Homes And Apartments:
12,434

Frankfort Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
48.16% 1.87%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$980 / per month

Homeownership Rate

Owners
46.3%
46.3%
Renters
53.7%
53.7%
Vacant
9.9%
9.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.2%
8.2%
1970 - 1999
39.5%
39.5%
1940 - 1969
42.0%
42.0%
1939 or Older
10.3%
10.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
56.0%
56.0%
Townhomes
2.9%
2.9%
Small Apt. Buildings
18.0%
18.0%
Apt. Complexes
21.5%
21.5%
Mobile Homes
1.5%
1.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.3%
3.3%
1 Bedroom
13.2%
13.2%
2 Bedrooms
37.1%
37.1%
3 Bedrooms
35.2%
35.2%
4 Bedrooms
9.8%
9.8%
5 or more bedrooms
1.3%
1.3%
0.0% 100.0%
% OF HOMES