I posted the above graphic because people tend to ask me, “how’s the market”. Instead of just saying “it’s good”, I think this graph shows how our housing market has rebounded and where it is heading. The average sale price for a single family home in Jefferson County, Louisville, KY for 2012 was $171,204, which is just about where we were back in 2005. Not bad. The median sale price for a single family home in 2012 was $141,600, which is $4,420 higher than the median in 2005 and still higher than 2006 by $1,600! This is very positive.
Couple those statistics with the fact that there are currently only 2,784 single family homes for sale in Jefferson County (about 4 and a half months inventory) and you have the recipe for a seller’s market. The inventory of homes for sale is very low, but their are still tons of buyers around because interest rates are also very low. I remember in grade school learning about supply and demand: When supply is low, demand goes up, price goes up. And it is going up. If you look back at the graph, prices are up from last year and 3 years ago. This is a very unique market situation because sellers can see an increase in their home’s value reflected in their sale price, but buyers can still catch a good deal because interest rates are lower than they have ever been and our market is still recovering, therefore home prices are still lower than they should be. This is what I call a win-win. If you have questions about the housing market in Louisville, KY or if you just want to get started in the buying or selling process, call 502.509.9278 or email firstname.lastname@example.org
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Justin Thomas, Realtor | Partner
The Thomas Group at Keller Williams Realty Louisville East