The small Kentucky town attracts wealthy homebuyers

A bedroom community for nearby Lexington, Nicholasville is a small town in Jessamine County with a population of approximately 30,000. Luxury buyers call Nicholasville home because it offers more lot sizes for larger homes, more real estate amenities and privacy compared to Lexington.

If pastures and barns filled with the world's fastest and most expensive Thoroughbreds come to mind, Nicholasville isn't far away. It offers a rural, small-town atmosphere surrounded by farms that almost always sell for millions.

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“Nicholasville is almost a suburb of Lexington,” said Steve Klein, an agent with Bluegrass Sotheby's International Realty. “The reason more people are moving there is because you can usually get a bigger property, a very nice home and nice golf courses. It’s not far from Lexington at all and most of the houses people are buying are right on the edge of town.”

For example, Klein recently represented the sellers of a mega-villa on the Avenue of Champions. The 22,369 square meter Georgian English mansion was the most expensive home sold in the city last year. For $4.45 million, buyers got a resort-like home with wraparound terraces, a two-story wine cellar, an outdoor spa, a theater and a six-car garage.

Boundaries

Downtown Nicholasville extends for approximately 6 miles and the city limits extend along Highway 27 from Lexington Veterans Park to the Nicholasville Bypass. Most of the commerce occurs along Main Street, including a mix of charming bed-and-breakfast accommodations, shopping, and other amenities such as dance studios, dog spas, and florists.

Avenue of Champions is a 2-mile street that winds around Keene Trace Golf Club and features a collection of luxury homes.

Housing stock

“For as long as I can remember, Central Kentucky has been in an inventory-light market. I would say at least 10 to 12 years,” said Whitney Pannell, principal broker of Team Pannell Real Estate. She has lived in Nicholasville for more than 25 years.

Luxury homes typically start at $800,000 and prices typically hover around $4.5 million. Brick farmhouses are ubiquitous, as are larger estates measuring 3,000 square feet or more on one to five acres of land.

The construction of luxury real estate corresponds to the population boom in the 1980s to 2010s. Certainly, a new generation of luxury residences is emerging with amenities such as three (or more) car garages, covered porches, and traditionally styled interiors.

Occasionally, outliers come on the market, including one of Pannell's recent offerings on the Avenue of Champions. The 9,086-square-foot home, priced at $2.995 million, features copper gutters, a slate roof and an elevator. The 5-acre property includes a tennis court, saltwater pool and fire pit.

What makes it unique

The Bluegrass region of Kentucky, including Nicholasville, has a strong equestrian culture and industry. From Nicholasville, Keeneland Racecourse is about a 20-minute drive away. The Bluegrass Stakes, one of the preparatory races for the Kentucky Derby, takes place there.

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Derby Day in Keeneland is a popular event among locals. Thoroughbred horse racing is the main event, surrounded by betting, live music and elegant fashion.

“Nicholasville is known for its friendly, small-town atmosphere, beautiful rolling hills and the most beautiful sunsets in the world. I’ve seen so many sunsets and they just don’t compare to Nicholasville, Kentucky in their vibrancy,” Pannell said.

The RJ Corman Railroad Group is headquartered in Nicholasville and employs approximately 1,600 people.

Furnishing

Nicholasville hosts the annual Kentucky Wine and Vine Fest in June. According to organizers, Jessamine County is home to America's first commercial winery, founded in 1799 by John James Dufour. Today, the festival celebrates Kentucky's wine industry and features no fewer than 15 wineries.

Dixie Café is a local favorite for its imported sweets, local produce, and American breakfast plates.

Golf is a popular activity and Nicholasville is home to the Connemara Golf Course and Keene Trace Golf Club. “Keene Trace Golf Club hosted the Barbasol Championship PGA event for four years,” Klein said. The churches in the area also have a draw, he added.

The city is home to several public elementary, middle and high schools, as well as private schools, including Heartland Christian Academy, Bellaire Creative Christian Academy, Tabernacle Christian Academy, Creative Montessori School, Trinity Christian High, Clay's Mill Christian Academy, the Christian Light Academy and more.

Who lives there

“The commute [into Lexington] In the worst case, it only takes 20 minutes,” said Klein. “Bank presidents, law firm managing partners, doctors, University of Kentucky coaches – you name it – live in Nicholasville.”

Notable residents

Country singer John Michael Montgomery; Central Bank & Trust Co. President and CEO Luther Deaton Jr.; and DePaul University head basketball coach Chris Holtmann own property in Nicholasville, according to published reports.

outlook

“The luxury market in Jessamine County is strong,” Pannell said. “I find that buyers want their privacy and are moving outside of Fayette County for more land and privacy.”

According to Bluegrass Sotheby's International Realty, the average time on market in Jessamine County is 22 days and buyers can expect to pay 98% of the asking price. In the first quarter of this year, sales increased 118% year-over-year and prices increased 39%. Inventory is trending slightly upward and the county currently has 2.7 months of inventory.

Of course, Jessamine County is a tiny market, with total sales volume of $168.9 million over the last four quarters.

“When it comes to the luxury market in Nicholasville, I think there will only be improvements this year. “Inventory will continue to rise and there is a lot of new construction planned,” Klein said. “We have launched new builds ranging from $1.5 million to $1.9 million.”