A prolonged inventory shortage is driving an epic Spring seller's market for entry-level to mid-priced houses. Higher-end homes are moving more slowly and inventory is beginning to accumulate. This makes it a great time to trade-up! Historically low mortgage rates provide an added boost.
The Greater Louisville Association of Realtors President noted that, "The starter home market is still a hot sellers' market. Sales of mid-priced move-up homes are also strong, and the upper end of the market is more dependent on location and condition." Overall Louisville area home inventory dropped again in February to 3,350 active listings or a 2.2 month supply of homes. The average sale price of $205,000 was up 8% on continued limited inventory. Average days on the market, as well as the number of homes sold, were both flat on persistently short supply.
