Welcome to the April 2018 Louisville real estate report. These custom charts can’t be found anywhere else. The best part? It’s all free! Bookmark this site and share it with your friends.
The same problem we’ve been dealing with continues to plague the Louisville real estate market—low inventory. Looking back at April, we can see that the problem has lessened a bit.
More new listings have entered the market than have sold, so our absorption rate has increased. This is a good thing! The goal would be moving towards a balanced market of roughly 6 months of Louisville homes for sale.
If interested, you may want to read a recent blog post I wrote called, The Louisville Housing Inventory Crisis.
In general, home prices are increasing sharply across the city as buyers battle over every new listing. If your home is currently on the market and it hasn’t sold. You’ve priced it too high.
April 2018 Louisville Real Estate Report
That’s a pretty large price drop to start 2018 in Area 2. Other than March, home sales here have pretty much matched the previous year.
Things are looking good here in Area 3. Prices rebounded in April and home sales are setting a record pace.
Whoa! Look that price spike! Due to demand for homes in this price tier, competition on each and every new listing is fierce. Bidding wars are causing this price spike. If your home is in the price point/area then selling now would be a great decision.
We’re seeing a similar situation here in Area 7 though it’s a bit higher priced area. But would you look at that trend-line?! It’s crazy but it’s great for home sellers.
Solid price growth and more home sales in April for our Middletown real estate area. Both metrics look strong.
Similar to Area 2, we saw a poor start to the year but now prices are racing upward. Sales were good in April as well.
Sales were up in April here but prices dropped severely. Most likely due to a trend towards building less expensive homes that builders know will sell quickly.
Here we see a more typical result in April with prices improving and sales nearly matching the previous year.
Quarterly LHB Housing Reports
All of the Louisville real estate updates that I update quarterly are done through Q1 of 2018. These are listed below. If you have any specific questions, please let me know.
- Central Downtown District, Old Louisville – Area 0
- Downtown, Old Louisville, West Louisville – Area 1
- Pleasure Ridge, Valley Station, Shively – Area 4
- Auburndale, Fairdale, Iroquois Park, Shively Homes – Area 5
- Bullitt County – Area 11
- Spencer County – Area 19
- Shelby County – Area 30
Jefferson County Housing Report
March 2017 was something of an anomaly. Pretty much across the city. Now that April is in the books, we see a more representative curve.
In Jefferson County, April saw a 4.2% increase in home sales year-over-year. There were 1,022 homes that were sold for the month.
The median price of homes sold was $175,000. This is $10,000 higher than last April. I fully expect this trend to continue as low inventory will make purchasing a home more competitive. This will further push prices higher.
Now is a great time to sell. When I say “now” I mean… right this moment. May is the best time to list for a fast sale. If you contact me now, I have a great promotional incentive is that will save you a great deal of money when selling your home.