What happened in the Madison County, KY housing market the week of August 3–9, 2026?
Madison County homes sold at 96.7% of their original list price the week of August 3–9, 2026, with a median sold price of $287,375 across 38 closings and 49 new listings hitting the market. But the county number hides two very different markets: Richmond resale homes went under contract in a median of just 14 days and were driven by out-of-county buyers, while Berea moved slower and on cash — 40% of Berea’s closings were all-cash.
By Devin Todd Azbill, REALTOR® | August 10, 2026
This week’s numbers
| Stat | Madison County |
|---|---|
| New Listings | 49 |
| Sold Listings | 38 |
| Median Sold Price | $287,375 |
| Avg. Days on Market | 39 |
| Sold to Original List Price | 96.7% |
Those five numbers are the headline. The story is what’s underneath them.
Richmond and Berea are two different markets right now
If you only look at the county-wide figures, you’ll miss what’s actually happening. This week, Richmond and Berea split in almost every category that matters.
Richmond moved fast and on outside money. Resale homes there went under contract in a median of 14 days. Thirty-nine percent of Richmond buyers came from outside Madison County, and more than half of Richmond sellers were leaving the county entirely. That’s the EKU, commuter, and relocation engine at work — demand flowing in from outside, homes turning over quickly.
Berea moved slower and on cash. Berea’s resale homes took a median of 36 days to go under contract — more than double Richmond’s pace. But 40% of Berea’s closings were all-cash (six of fifteen sales), compared to roughly one in ten in Richmond. Berea’s buyers were overwhelmingly local; only 7% came from out of county. This is a neighborhood-money market, not a relocation market.
Here’s what that means for you:
- Selling in Richmond? The market rewards speed. Priced right, you can expect activity in your first two weeks — but don’t sit, because buyers here have options and out-of-county demand can cool.
- Selling in Berea? Cash buyers move fast and skip financing hurdles, but they also negotiate hard. Pricing realistically from day one matters more here than almost anywhere.
- Buying anywhere in the county? Nearly a third of this week’s buyers were first-timers, and sellers paid closing costs on 34% of deals. There’s still room to ask.
Richmond vs. Berea at a glance
| Measure | Richmond | Berea |
|---|---|---|
| Closings | 23 | 15 |
| Median sold price | $310,000 | $235,000 |
| Median days on market (resale) | 14 | 36 |
| Sold to original list | 97.5% | 95.0% |
| Cash share of closings | ~9% | 40% |
| Out-of-county buyers | 39% | 7% |
The homes that didn’t sell tell the clearest story
Eighteen listings came off the market this week without selling — but “off market” means three different things, and lumping them together hides the real lesson.
Three expired (all in Richmond) — the listing agreement simply ran out. These skewed to the upper end, with a median list price near $490,000, and most had never meaningfully cut their price. They tested a high number and waited.
Five were withdrawn — temporarily off the market, still under agreement. These are often back soon.
Ten were cancelled — and this is where the two cities split hardest. Berea’s five cancellations had cut a median of 7% off their original price and still sat a median of 131 days before the sellers gave up. Richmond’s cancellations pulled the plug faster (median 45 days) with shallower cuts (about 4.5%).
The lesson is the one I walk every seller through before we list: chasing the market down almost never works. Those Berea sellers didn’t lose because their homes were unsellable — they lost four-plus months and 7% and still didn’t find a buyer, because the price started too high and the reductions always trailed the market instead of leading it. The right price on day one beats three price drops over four months, every time.
Don’t let new construction fool you on price
One number worth understanding before you set expectations: builders sold at exactly 100% of their original list price in every market this week. Builders hold their price and don’t negotiate, which pulls the county’s blended sold-to-list ratio up and pushes the median price up too.
If you own a resale home, the number that actually applies to you is the resale-only figure: 96.3% of original list county-wide, 95.0% in Berea, and 97.1% in Richmond. When an online estimate quotes you a countywide average, it’s likely blending in new-construction sales that don’t reflect what a 20-year-old home in your neighborhood will actually fetch. Your specific number depends on your home’s condition, location, and timing — that’s where a real local market analysis comes in.
Frequently Asked Questions
What is the median home price in Madison County, KY right now?
The median sold price for Madison County the week of August 3–9, 2026 was $287,375 across 38 closings. Richmond ran higher at $310,000 and Berea lower at $235,000, so your neighborhood matters as much as the county average.
How fast are homes selling in Richmond vs. Berea, KY?
Richmond resale homes went under contract in a median of 14 days this week, while Berea resale homes took a median of 36 days. Richmond’s faster pace is driven largely by out-of-county buyers, while Berea’s market is more local and cash-heavy.
Are cash buyers common in the Berea housing market?
Very common right now. This week, 40% of Berea’s closings were all-cash — six of fifteen sales — compared to roughly 21% cash across the whole county. Cash buyers close quickly but tend to negotiate hard on price.
Why did so many Madison County listings not sell this week?
Eighteen listings came off the market without selling — three expired, five withdrawn, and ten cancelled. The cancellations, especially in Berea, shared a pattern: homes that were priced too high, cut their price repeatedly, and still sat four-plus months before the seller gave up. Pricing right from the start is the single biggest factor in avoiding this.
Should I price my Madison County home based on the countywide average?
Not directly. County averages blend new construction (which sells at 100% of list) with resale homes (which sold at about 96.3% of original list this week), and they blend Richmond with Berea. A market analysis specific to your home, neighborhood, and price range gives you a far more accurate number.
The takeaway
Madison County isn’t one market — it’s at least two, and the right strategy in Richmond is different from the right strategy in Berea. Whether you’re weighing a sale, watching the market, or just trying to understand what your home is really worth today, the numbers only get you so far — the strategy is where it counts.
If you have questions about what’s happening in the Madison County market, I’m always happy to chat. Reach out anytime at toddky.com/contact, call or text (859) 200-6513, or email Devin@ToddKY.com. New market update every Monday.
About Devin Todd Azbill, REALTOR®
Devin Todd Azbill is a licensed REALTOR® with Todd & Company (Todd & Company KY LLC), brokered by Berkshire Hathaway HomeServices Foster Realtors, and a lifelong Berea, Kentucky resident. She brings local expertise, data-driven insight, and a proven track record to every transaction across Berea, Richmond, and Madison County. Whether you’re buying, selling, downsizing, or relocating, she’s here to help. Reach her at (859) 200-6513 or Devin@ToddKY.com.
