Competition for homes is heating up!
There simply aren't enough homes on the market in Louisville to meet buyer demand. Record low home inventory is driving prices up and mortgage rates are rising. This is reducing home affordability and tapping the brakes on the Louisville real estate market.
The number of homes for sale fell again in February to 3,650 active listings. This represents yet another new low at just a 2.5 month supply of homes. Inventory and market activity vary based on price point and location.
Homes located closer in and priced under $300,000 continue to sell rapidly. The market for properties priced in the $300,000 - $500,000 range is somewhat balanced. Homes priced at $500,000+ and located farther out are selling more slowly.Key February Data (vs. 2016)
- Sold Listings: 1,050 (-5%)
- Average Sale Price: $191,500 (+11%)
- Active Listings: 3,650 (-21%)
- Home Supply: 2.5 months (-26%)
- Average Days on the Market: 76 (-18%)
This is an excellent time to list! We are entering the Spring buying market with extremely low inventory. Please contact me for a complimentary market analysis on your home. Professional home staging and photographs are key and I provide both.Buyers:
Home prices and mortgage rates are rising. As a result, waiting to buy can be expensive. I have the experience and proven buying methods to help you find the right home! And, many sellers require a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.