Market Overview
Home Prices in Gray, KY
The median home value in Gray, KY is $152,699 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 7.1% compared to a year ago and up 11.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Gray are priced63% below average. Gray is part of the London, KY metro area.
Over the past five years, Gray home values have risen by approximately24.5%, reflecting strong long-term appreciation in this market.
Price History
Gray Home Price Trend
2020
$98,638
$99K
—
2021
$122,659
$123K
+24.4%
2022
$137,363
$137K
+12.0%
2023
$141,775
$142K
+3.2%
2024
$147,515
$148K
+4.0%
2025
$164,334
$164K
+11.4%
2026
$152,699
$153K
-7.1%
City Comparison
Gray vs. National Median
🏠 Gray
$152,699
National Median
$410,000
At $152,699, homes in Gray cost 63% below the national median of $410,000. This makes Gray a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Gray?
20% Down Payment
$30,540
on $152,699
Monthly P&I
$796/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,011/mo
incl. taxes & insurance
Income Needed
$40,440
gross annual (30% rule)
10% Down Option
$15,270
+ PMI applies
Loan Amount (20% dn)
$122,159
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Gray, KY?
The median home value in Gray is $152,699 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 7.1% year-over-year.
How much have home prices changed in Gray?
Over the past year, home values in Gray have decreased by 7.1%. Over five years, prices have risen approximately 24.5%.
How much do I need to earn to buy a home in Gray?
To comfortably afford the median home price of $152,699 with a 20% down payment ($30,540) at today's rates (6.8%), you'd need a gross annual income of approximately $40,440. This assumes keeping total housing costs at or below 30% of gross income.
How does Gray compare to the national average home price?
The national median home value is approximately $410,000. At $152,699, homes in Gray are 63% below the national average.
What metro area is Gray part of?
Gray is part of the London, KY metropolitan area. Home prices and market conditions can vary across the broader metro region.