Louisville Real Estate News

Lack of Starter and Move-up Inventory Continues in Louisville

Posted 2017-02-24

The Greater Louisville Association of Realtors® (GLAR) reported January 2017 sales up 1.8% compared to January 2016. The average price was up 5.3%. For all MLS areas, the inventory of available properties was 20.3% lower than at the same time last year.

GLAR President Allison Bartholomew commented that, "The lack of inventory of starter and move-up homes continues to be the dominant story in the Louisville market. Many first-time buyers end up having to make offers on more than one home. At the same time, the pace of sales in higher price ranges is more normal. Rates have ticked up slightly, but affordability in Louisville is still very good relative to larger cities."

NAR President William E. Brown recently commented that, "The prospect of higher mortgage rates and more home shoppers in coming months should be enough of an incentive for those serious about buying to start their search now." He continued by saying, "There are fewer listings on the market, but also a little less competition than what's expected this spring. Buyers may find just the home they're looking for at a good price and without the possibility of having to outbid others."

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