Below is a look at the current Louisville real estate market. Numbers and statistics are gathered from the Greater Louisville Association of Realtors® (GLAR) for the month of November 2022.
Louisville Real Estate Market - November 2022
Current Louisville Housing Market (10-year Trend)
Total Homes Sold in Louisville - November 2022
Sales slowed down quite a bit for the month of November. Which actually brought November 2022 in at the fifth worst November over the last 10 years. The total number of sales was 1,133. This is down -28.2% from November 2021.
Median Sale Price in Louisville - November 2022
We saw home prices peak in June 2022. Since then we have seen a downward trend (down -8.5%). The median sale price for November 2022 is $242,500. This is almost even compared to where we were this time last year ($242,875).
Activity & Showings on MLS Listings
Activity and showings slowed down quite a bit. The most recent report shows a -38% decrease in showings compared to this time last year. This is actually typical for this time of year. Statistically, we will see a steady increase in showings over the next three months as we get closer to the spring market.
Image Source: ShowingTime Showing Index
Is it a Buyer Market or Sellers Market?
It is currently a Sellers Market. The absorption rate for the month of November was 2.1 months. This is an indication of how many months of inventory we currently have. To be in a balanced market, you need around 5 months of inventory. Looking at the statistics further from the Greater Louisville MLS, compared to November 2021, the data shows that homes continue to sell at a fast pace. There is still a lot of questions about how the Louisville real estate market will look in 2023. However, the median sale price is still slightly up at 0.2% compared to last year, and the average days on market is 31 days. Which is up 14.8% compared to this time last year.
Keep in mind, this shift is moving us toward a more normalized market and things are still looking pretty good for Sellers in the Louisville area.
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!Whats Your Home Worth?
November 2022 Louisville Housing Statistics
- Median Sale Price: $242,500 (Up +0.2% from November 2021)
- List To Sale Price Ratio: 97.8% (Down -1.2% from November 2021)
- Days on the Market: 31 Days (Up +14.8% from November 2021)
- Total Sold Listings: 1133 (Down -28.2% November 2021)
Homes on average right now are selling within 31 days on market. Over the years we have seen a great increase in home prices around the Louisville area. Right now may still be a great time for homeowners that are thinking about selling because of the continued lack of listings but it looks like that could be shifting soon. The only question is when and how soon?
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These Statistics are from the Entire GLAR MLS. Property type: Residential. As of Monday, December 30, 2022
Posted by Nathan Garrett on
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