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 February 2024.

Is it a Buyers Market or Sellers Market?

It is currently a Sellers Market. The absorption rate for February was 1.8 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.

Median Sale Price

$258,500 +0.5%

Number of Homes Sold

980 +22.9%

Days on Market

54 +14.8%

New Construction

806 +2.2%

Home Prices

Are Home Prices Dropping in Louisville? Statistically, we see home prices decrease during the fall and winter months. We saw home prices peak in June 2023 at $275,000. Currently, for February, the median sale price is $258,500.

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 54 days on market. This is slightly down compared to last year when the average DOM was 49. There are still a lot of questions about how the real estate market will look going into the spring and summer months. 

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 13.7% 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 showing activity down during the winter months. The 12-month average is down -11.2%.

ShowingTime Stats for January 2024

Image Source: ShowingTime Showing Index

aerial view of neighborhood homes

What is Your Home Worth?

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!

Get Value

February 2024 Louisville Housing Statistics

  • Median Sale Price: $258,500 (Up 5.5% from February 2023)
  • List To Sale Price Ratio: 96.9% (Up -0.9% from February 2023)
  • Average Days on the Market: 54 Days (Up +10.2% from February 2023)
  • Total Sold Listings: 980 (Up +4.2% February 2023)

Homes right now are selling within 54 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.

Posted by Nathan Garrett on
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