Louisville Real Estate Market Update
Below is a quick overview of at the current Louisville real estate market. Numbers and statistics are gathered from the Greater Louisville Association of Realtors® (GLAR) for October 2023.
Is it a Buyers Market or Sellers Market? It is currently a Sellers Market. The absorption rate for October was 2.2 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 decrease during the fall and winter months. We saw home prices peak in July at $275,000. Currently, for October, the median sale price was $255,000.
Housing Inventory
What is Happening in the Market? Looking at the statistics further from the Greater Louisville MLS, cthe data shows that homes continue to sell quickly at 36 days on market. However, this is slightly up compared to last year when the average DOM was 31. There are still a lot of questions about how the real estate market will look going into the winter months. For the first time in 10+ years, we didn't see growth in the median sale price when compared to the prior year. The median sale price fell even to last October (2022) at $255,000.
Showing Activity
Activity and showings overall for the year is slightly up from last year. The most recent report shows an +0.7% increase in showings compared to this time last year. Statistically, we see spring and summer as strong months for Buyer activity, so it is no surprise to see activity decrease into the winter months. The 12-month average is up 0.7%.
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?
October 2023 Louisville Housing Statistics
- Median Sale Price: $255,000 (Even from October 2022)
- List To Sale Price Ratio: 98.3% (Up -0.1% from October 2022)
- Average Days on the Market: 36 Days (Up +16.1% from October 2022)
- Total Sold Listings: 1,193 (Down -12.8% October 2022)
Homes right now are selling within 36 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 question is how soon.
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