Market Overview
Home Prices in Phelps, KY
The median home value in Phelps, KY is $73,777 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 19.6% compared to a year ago and down 1.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Phelps are priced82% below average.
Over the past five years, Phelps home values have fallen by approximately16.6%, reflecting softening conditions in this market.
Price History
Phelps Home Price Trend
2020
$77,447
$77K
—
2021
$88,435
$88K
+14.2%
2022
$96,911
$97K
+9.6%
2023
$90,219
$90K
-6.9%
2024
$92,760
$93K
+2.8%
2025
$91,710
$92K
-1.1%
2026
$73,777
$74K
-19.6%
City Comparison
Phelps vs. National Median
🏠 Phelps
$73,777
National Median
$410,000
At $73,777, homes in Phelps cost 82% below the national median of $410,000. This makes Phelps a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Phelps?
20% Down Payment
$14,755
on $73,777
Monthly P&I
$385/mo
30-yr @ 6.8%
Total Monthly Est.
~$489/mo
incl. taxes & insurance
Income Needed
$19,560
gross annual (30% rule)
10% Down Option
$7,378
+ PMI applies
Loan Amount (20% dn)
$59,022
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 Phelps, KY?
The median home value in Phelps is $73,777 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 19.6% year-over-year.
How much have home prices changed in Phelps?
Over the past year, home values in Phelps have decreased by 19.6%. Over five years, prices have fallen approximately 16.6%.
How much do I need to earn to buy a home in Phelps?
To comfortably afford the median home price of $73,777 with a 20% down payment ($14,755) at today's rates (6.8%), you'd need a gross annual income of approximately $19,560. This assumes keeping total housing costs at or below 30% of gross income.
How does Phelps compare to the national average home price?
The national median home value is approximately $410,000. At $73,777, homes in Phelps are 82% below the national average.