Louisville Real Estate Market
Wondering what’s happened in the Louisville real estate market last year, 2015? Licensed Realtor Greg Fleischaker brings you the the fresh numbers and trends in local Kentucky real estate, courtesy of Jon Mand, president of Sotheby’s International. Understanding our market is a time-intensive and complicated effort, but worthwhile for agents, Mand says.
Overall, Louisville real estate sales were up 12% in the Louisville metro. High-end Louisville real estate priced at $400,000+ did even better – up 24% in 2015. This rebound is impressive considering the drops experienced in 2008. “We’re very close to where we were in 2007,” Mand says.
However, home values have actually exceeded to new records in terms of dollars per square foot. The average home price can be easily skewed with the sale of million-dollar homes as reported in the business section of the local newspapers, says Mand, which is why he prefers to look at dollars per square foot as a more accurate measure.
The Louisville market has been pretty stable since the market bottomed out in 2011, with the average days on market staying relatively the same and prices inching up. The high-end market is particularly booming with a near-record number of transactions for million-dollar homes. The price on high-end homes went up 3% or so. Meanwhile, inventory is tight for homes priced $400,000 and below, so buyers have to move quicker and sellers benefit from the competitive market.