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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Mayfield, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Mayfield, KY Housing Market Trends

With a population of 9,894, 4,175 total housing units (homes and apartments), and a median house value of $182,766, house prices in Mayfield are solidly below the national average.

Single-family detached homes are the single most common housing type in Mayfield, accounting for 76.45% of the city's housing units. Other types of housing that are prevalent in Mayfield include duplexes, homes converted to apartments or other small apartment buildings ( 11.17%), large apartment complexes or high rise apartments ( 7.84%), and a few mobile homes or trailers ( 3.41%).

The most prevalent building size and type in Mayfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.50% owning and 43.50% renting.

There is a lot of housing in Mayfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Mayfield built between 1940-1969 ( 40.69%). A lesser amount of the housing stock also hails from before 1939 ( 9.45%). There's also some housing in Mayfield built between 2000 and later ( 6.33%).

Vacant housing appears to be an issue in Mayfield. Fully 13.67% of the housing stock is classified as vacant. Left unchecked, vacant Mayfield homes and apartments can be a drag on the real estate market, holding Mayfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Mayfield Home Appreciation Rates

Mayfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mayfield during the period has been just 4.99%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Mayfield's appreciation rate, at 6.33%, has been at or slightly above the national average. In the latest quarter, Mayfield's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Kentucky, our data show that Mayfield's latest annual appreciation rate is higher than 50% of the other cities and towns in Kentucky.

Average Home Values

Median Home Value

$182,766

Mayfield, KY Home Prices
> $1,315,000
$987,001 - $1,315,000
$658,001 - $987,000
$526,001 - $658,000
$395,001 - $526,000
$263,001 - $395,000
$131,001 - $263,000
$66,001 - $131,000
$0 - $66,000
1.3%
1.3%
0.2%
0.2%
0.5%
0.5%
2.7%
2.7%
2.9%
2.9%
15.7%
15.7%
43.4%
43.4%
24.1%
24.1%
9.1%
9.1%
0% 100.0%
% of Homes
Average

for Kentucky

Low

for nation

Number of Homes And Apartments:

4,175

Mayfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,182 / per month

Homeownership Rate

Owners
Renters
56.5%
56.5%
43.5%
43.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.7%
13.7%
86.3%
86.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.3%
6.3%
43.5%
43.5%
40.7%
40.7%
9.5%
9.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
76.4%
76.4%
1.1%
1.1%
11.2%
11.2%
7.8%
7.8%
3.4%
3.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.7%
1.7%
10.7%
10.7%
36.1%
36.1%
40.8%
40.8%
9.8%
9.8%
0.9%
0.9%
0% 100.0%
% of Homes

Popular Neighborhoods in Mayfield

Zip Codes in Mayfield, KY