Nathan Garrett May 12th, 2023Below 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 April 2023.
Louisville Real Estate Market - April 2023
Current Louisville Housing Market (10-year Trend)
The total number of sales for April was 1,105, which is down from last month -17.9% from March 2023.
We saw home prices peak in June 2022 at $265,250. The median sale price for April 2023 was $259,000 - which is slightly up from this time last year when the sale price was $254,000 (April 2022).
Activity & Showings on MLS Listings
Activity and showings have slowed down quite a bit. The most recent report shows a -30% decrease compared to this time last year. Statistically, we see April as a strong month for Buyer activity. Statistically, April is one of the most active months of the year. With data showing slower activity, this is a small indicator that we may see the absorption rate increase this summer; which is good news and is desperately needed in order to move us close to a neutral 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 April was 1.4 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 April 2022, the data shows that homes continue to sell at a fast pace. There are 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 1.9% compared to last year, and the median days on market is 10 days.
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?
April 2023 Louisville Housing Statistics
- Median Sale Price: $259,000 (Up +1.9% from April 2022)
- List To Sale Price Ratio: 99.3% (Down -1.4% from April 2022)
- Median Days on the Market: 10 Days (Up +150% from April 2022)
- Total Sold Listings: 1,105 (Down -31.7% April 2022)
Homes right now are selling within 10 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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Statistics are from the Greater Louisville Association of Realtors® (GLAR). Friday, May 12th, 2023
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