An Update on the Louisville Real Estate Market
05/28/19 • -1 min
As we head into the summer, I wanted to bring you a quick update on the Louisville real estate market. Here’s what you need to know.
Buying a Louisville home? Get a full Home Search
Selling your Louisville home? Get a free Home Value Report
As we head into the summer, I wanted to bring you some of the latest numbers from the Louisville real estate market in April and compare them to what we saw at this time last year.
Here are some of the statistics I’ve been keeping my eye on:
Here are some of the statistics I’ve been keeping my eye on:
- Home sales are down from 1,583 to 1,442
- Our average sale price is up to $223,000 from $220,000
- The average days on market stayed relatively flat, going up slightly to 64 from 62
- The absorption rate sits at 2.48 months, which is up from the 2.33 months we saw last year
- Active listings are low, but they’re slowly creeping up. They sit at 3,687 currently, which is up from 3,554 last year
- The average interest rate for a 30-year mortgage has dropped back below 5% and now sits at 4.5%
“
Interest rates have dropped back below 5% to 4.5%.
”Thanks to my great friends at Statewide Mortgage for providing me with the interest rate update.
Last but not least, it’s time for our monthly quote. This month’s quote is:
“If we ever forget that we are one nation under God, then we will be a nation gone under.” -Ronald Reagan.
If you have any questions for me in the meantime or need any real estate help at all, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.
Last but not least, it’s time for our monthly quote. This month’s quote is:
“If we ever forget that we are one nation under God, then we will be a nation gone under.” -Ronald Reagan.
If you have any questions for me in the meantime or need any real estate help at all, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.
As we head into the summer, I wanted to bring you a quick update on the Louisville real estate market. Here’s what you need to know.
Buying a Louisville home? Get a full Home Search
Selling your Louisville home? Get a free Home Value Report
As we head into the summer, I wanted to bring you some of the latest numbers from the Louisville real estate market in April and compare them to what we saw at this time last year.
Here are some of the statistics I’ve been keeping my eye on:
Here are some of the statistics I’ve been keeping my eye on:
- Home sales are down from 1,583 to 1,442
- Our average sale price is up to $223,000 from $220,000
- The average days on market stayed relatively flat, going up slightly to 64 from 62
- The absorption rate sits at 2.48 months, which is up from the 2.33 months we saw last year
- Active listings are low, but they’re slowly creeping up. They sit at 3,687 currently, which is up from 3,554 last year
- The average interest rate for a 30-year mortgage has dropped back below 5% and now sits at 4.5%
“
Interest rates have dropped back below 5% to 4.5%.
”Thanks to my great friends at Statewide Mortgage for providing me with the interest rate update.
Last but not least, it’s time for our monthly quote. This month’s quote is:
“If we ever forget that we are one nation under God, then we will be a nation gone under.” -Ronald Reagan.
If you have any questions for me in the meantime or need any real estate help at all, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.
Last but not least, it’s time for our monthly quote. This month’s quote is:
“If we ever forget that we are one nation under God, then we will be a nation gone under.” -Ronald Reagan.
If you have any questions for me in the meantime or need any real estate help at all, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.
Previous Episode
Your Latest Louisville Market Update Is Here
The latest news from our Louisville area market is here, so let’s review some of the most significant ways things have changed since last year.
Buying a Louisville home? Get a full Home Search
Selling your Louisville home? Get a free Home Value Report
The weather is getting warm out there, and our real estate market is heating up, too. To demonstrate this, let’s review some year-over-year statistics from March of 2018 versus March of 2019.
In March of 2018, 1,429 homes sold in our local market. This March, that number dropped down to 1,361. This may not be a significant change, but it does reflect some of the other developments we’ve observed—namely, the increases in inventory and average sales price.
Inventory rose over this same 12-month period from 2.3 months’ worth of supply to about 2.45 months’ worth, leaving us with 3,500 active listings in March 2018 and 3,600 in March of this year. The average sales price, meanwhile, rose from $208,035 to $217,619.
In March of 2018, 1,429 homes sold in our local market. This March, that number dropped down to 1,361. This may not be a significant change, but it does reflect some of the other developments we’ve observed—namely, the increases in inventory and average sales price.
Inventory rose over this same 12-month period from 2.3 months’ worth of supply to about 2.45 months’ worth, leaving us with 3,500 active listings in March 2018 and 3,600 in March of this year. The average sales price, meanwhile, rose from $208,035 to $217,619.
“
There are plenty of opportunities in our Louisville market right now, regardless of your real estate goals.
”Likely as a result of these changes, the average number of days that listings spent on the market in March also changed, going from 67 in 2018 to 75 in 2019.
Last but not least is the matter of interest rates. Last March, the average interest rate for a 30-year fixed mortgage in our area was 4.4%. Interestingly enough, the average interest rate this March actually decreased, sitting at 4.33%. This is great news for anyone looking to buy, and our still-low inventory levels indicate favorable conditions for sellers, too.
In short, our current market conditions are prime for buyers and sellers alike. There are plenty of opportunities in our Louisville market, regardless of your real estate goals.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
Last but not least is the matter of interest rates. Last March, the average interest rate for a 30-year fixed mortgage in our area was 4.4%. Interestingly enough, the average interest rate this March actually decreased, sitting at 4.33%. This is great news for anyone looking to buy, and our still-low inventory levels indicate favorable conditions for sellers, too.
In short, our current market conditions are prime for buyers and sellers alike. There are plenty of opportunities in our Louisville market, regardless of your real estate goals.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
Next Episode
It’s a Great Time to Be a Seller
Today I’d like to tell you a story that demonstrates how excellent of a time it is to be a seller in our market.
Buying a Louisville home? Get a full Home Search
Selling your Louisville home? Get a free Home Value Report
We’re coming to you today from a great home here on Duker Street. This property has an awesome story behind it that we’d like to share with you today.
The owner of the property was a really nice lady who once gave us a call because she needed help: She didn’t know if she wanted to list the house on the market or sell it outright. Of course, the Dream J.P. Pirtle Realtors team always offers our sellers both options.
The owner of the property was a really nice lady who once gave us a call because she needed help: She didn’t know if she wanted to list the house on the market or sell it outright. Of course, the Dream J.P. Pirtle Realtors team always offers our sellers both options.
“
Right now is a great time to sell your home.
”In the end, she didn’t want to list the home, so we ended up buying it from her. We were actually able to give her a lot more for it than she had even asked for in the first place, which made her very happy. This Duker Street home is in a great area right across from a school, and (even in the video above) you can even hear how happy the children here are. We may decide to rent it out, but that decision isn’t final. If you’d like to learn more about it, feel free to contact us!
The moral of this story is that right now is a great time to sell your home—our spring inventory is very low, which means your home is in high demand, and interest rates are still historically low as well, meaning you’ll probably get more money for your home this year than you would have in any of the previous 10 years. The market is hot.
If you need advice about selling your home or would like us to do a no-obligation, free comparative market analysis to help you find out what your home would be worth, reach out to us. We can either help you list your home on the market or make you an offer for it ourselves. I hope to hear from you soon!
The moral of this story is that right now is a great time to sell your home—our spring inventory is very low, which means your home is in high demand, and interest rates are still historically low as well, meaning you’ll probably get more money for your home this year than you would have in any of the previous 10 years. The market is hot.
If you need advice about selling your home or would like us to do a no-obligation, free comparative market analysis to help you find out what your home would be worth, reach out to us. We can either help you list your home on the market or make you an offer for it ourselves. I hope to hear from you soon!
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