Louisville Real Estate Market Update
Below is a quick overview of the current Louisville real estate market. Numbers and statistics are gathered from the Greater Louisville Association of Realtors® (GLAR) for August 2024.
Is it a Buyers Market or Sellers Market? It is currently a Sellers Market. The absorption rate for August was 2.4 months. What is an absorption rate? This is an indication of how many months of inventory we currently have. You need between 4-6 months of inventory to be in a balanced market.
Home Prices
Are Home Prices Dropping in Louisville? Statistically, we see home prices increase during the spring and summer months. We saw home prices peak this year in June at $289,900. For August, the median sale was slightly down ($275,000). We anticipate going into the fall months, we will see things cool off. Maybe even see a minimal decrease in the median sale price during the winter months.
Housing Inventory
What is Happening in the Market? Looking at the statistics further from the Greater Louisville MLS, the data shows that homes sell on average around 36 days on market. This is slightly up compared to last year when the average DOM was 29. There are still a lot of questions about how the real estate market will hold up during an election year and going into 2025.
Read More: Home Prices on the Rise in the Louisville Zip Codes
Showing Activity
Activity and showings overall for the year are down from last year. The most recent report shows a 26.7% decrease in showings compared to this time last year. Statistically, we see spring and summer as strong months for Buyer activity. So it is common to see activity decrease during the fall months. The 12-month average is down -15.6%.
Image Source: ShowingTime Showing Index
It is a strong Sellers Market and with low inventory, now may still be a great time to SELL. Find out what your home is worth!
What is Your Home Worth?
August 2024 Louisville Housing Statistics
- Median Sale Price: $275,000 (Even from August 2023)
- List To Sale Price Ratio: 98.7% (Down 0.2% from August 2023)
- Average Days on the Market: 36 Days (Up +24.1% August 2023)
- Total Sold Listings: 1364 (Down -4.68% August 2023)
Homes right now are selling within 36 days on market. Over the years we have seen a great increase in home prices around Louisville. Right now may still be a great time for homeowners thinking about selling because of the continued lack of listings but it looks like that could be shifting soon. The question is how soon.
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