Why Live in Melrose-Oakpark
Melrose-Oakpark in Lexington is a competitive real estate market characterized by low inventory and entry-level pricing, making it attractive to buyers. Homes, primarily built in the 1940s and 50s, feature bungalows and Cape Cod designs, often with detached garages and ornate fencing. The neighborhood is known for its proximity to downtown Lexington and offers sidewalks for easy navigation. Thompson Road Park, with its playground, picnic tables, and basketball court, is a local highlight, while the larger McConnell Springs Park, just 1 mile south, provides 26 acres of greenery and walking paths. The Burl, a nearby music venue, adds to the local entertainment options with live performances and craft beers. For daily needs, Meadowthorpe Shopping Center offers retailers like Kroger and Family Dollar, while dining options include Leestown Coffee House, The Thoroughbred Restaurant, and Bad Wolf Burgers. The Lexington Distillery District, less than a mile away, features Ethereal Brewing and Barrel House Distilling. The annual Bluegrass Birding Festival at McConnell Springs Park is a popular event, offering live music and local food. Residents rely on U.S. Route 421 and Forbes Road for commuting, with Lextran bus service available on Main Street. Blue Grass Airport is 6 miles away, and UK Good Samaritan Hospital is 2 miles from the community. Families benefit from highly rated schools, including Meadowthorpe Elementary, Leestown Middle, and Paul Laurence Dunbar High School, with additional options like the private Providence Montessori School nearby.
Frequently Asked Questions
Is Melrose-Oakpark a good place to live?
Melrose-Oakpark is a good place to live. Melrose-Oakpark is considered car-dependent and somewhat bikeable with minimal transit options. Melrose-Oakpark is a suburban neighborhood. Melrose-Oakpark has 11 parks for recreational activities. It is fairly sparse in population with 3.0 people per acre and a median age of 34. The average household income is $62,695 which is below the national average. College graduates make up 35.7% of residents. A majority of residents in Melrose-Oakpark are renters, with 74.7% of residents renting and 25.3% of residents owning their home. A
local real estate agent serving Melrose-Oakpark can help you decide if this neighborhood is the right one for you. Learn more on our
Melrose-Oakpark neighborhood guide.
How much do you need to make to afford a house in Melrose-Oakpark?
The median home price in Melrose-Oakpark is $295,000. If you put a 20% down payment of $59,000 and had a 30-year fixed mortgage with an interest rate of 6.72%, your estimated principal and interest payment would be $1,530 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $66K a year to afford the median home price in Melrose-Oakpark. The average household income in Melrose-Oakpark is $63K.
What are the best public schools in Melrose-Oakpark?
The best public schools that serve Melrose-Oakpark are:
What are the best private schools in Melrose-Oakpark?
The best private schools that serve Melrose-Oakpark are:
What are the most popular zip codes in Melrose-Oakpark, Lexington, KY?
What are the most popular neighborhoods near Melrose-Oakpark, Lexington, KY?
Are home prices dropping in Melrose-Oakpark?
Yes, home prices in Melrose-Oakpark are down 75% in the last 12 months.
Home Trends in Melrose-Oakpark, KY
On average, homes in Melrose-Oakpark, Lexington sell after 7 days on the market compared to the national average of 70 days. The median sale price for homes in Melrose-Oakpark, Lexington over the last 12 months is $93,000, down 75% from the median home sale price over the previous 12 months.
Median Sale Price
$93,000
Median Single Family Sale Price
$280,000
Average Price Per Sq Ft
$242
Number of Homes for Sale
3
Last 12 months Home Sales
2
Median List Price
$295,000
Median Change From 1st List Price
2%
Median Home Sale Price YoY Change
-75%