In particular, real estate trends in Louisville, KY, have been steadily improving, even as we continue to steadily improve in the fight against the coronavirus.
Those looking into the housing market for Louisville, KY, might be ecstatic to know that many Kentucky realtors are seeing major progress in the local market.
Real Estate Trends In Louisville, KY
In fact, during a recent survey conducted with 318 participating Kentucky realtors, one in four expected homes to stay on the market longer than in 2020. Due to the housing inventory shortage, the housing market in Louisville, KY has been a seller’s market for quite some time, with homes being purchased quickly after listing.
However, in the same survey, two in five reportedly anticipate an increase in inventory over the next 12 months.
According to Lawrence Yun, chief economist of the National Association of Realtors:
“We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory.”
Cut to four months later, in August 2021. Recent trends report that Louisville home prices increased by 6.3% compared to last year. Homes on the market in Louisville are currently selling for a median price of $239K.
The market continues to move fast, with homes in Louisville being purchased after only 12 days on the market. This is 10 days shorter than the 22 of last year.
Compared to last year, however, only 638 homes were sold this August, a slight decrease from last year’s 698 homes sold.
As Louisville continues to remain a fast-moving seller’s market, more and more people hope to take advantage of the lucrative opportunities it can offer. Median prices remain competitive and profitable, and listings are flying off the shelves, so to speak.
If you have a house in Louisville that you’ve been wanting to sell, now is the best time to do so.
So, we have to ask:
Ready To sell? Book A Call With Us today!
We buy houses in Louisville, KY, and are excited to work with you to make the most out of these real estate trends.
If you’d like to learn more, call Rylo Homes today at (502) 317-8553 to hear more about the real estate services we offer!
