Welcome to our Louisville Real Estate Update for the month of May! This monthly post includes Louisville home sales numbers along with price data divided up by our Greater Louisville Association of Realtors (GLAR) MLS areas. Click the map to better where your Louisville home is located.
Louisville Real Estate Update (June 2015 – May 2016)
Home prices moved higher in every MLS area analyzed during this article. This is what you would expect for May with the Summer months approaching.
It’s also what you should find whenever competition for the available properties increases, which is also exactly what we’re facing right now with incredibly low inventory levels.
Areas and neighborhoods with homes priced between $150,000 and $200,000 saw incredible sales activity during May. This is a very sought after price range and with limited options, homes sold very quickly.
As prices move higher the Days on Market metric increases but really not by much. If you hear someone talk about how fast the the Louisville real estate market is… they’re not lying.
Home sales rebounded a bit to just barely surpass last year’s mark but the real story for our Highlands MLS are is the large jump in the median home sales price in May. Look at that spike!
We see very similar results here in Area 3, our St. Matthews MLS area, during the month of May. Home sales just eked out a win but home prices leaped higher after a somewhat disappointing April.
For the sixth straight month home sales beat the previous year in our Okolona MLS area. Home sale prices also moved higher and should continue to do so during the Summer months.
Very strong month for both metrics in Jeffersontown and the surrounding areas. Prices bounded higher due to increased competition but that didn’t stop home sales from besting the previous year. Strong!
Home prices are moving in the right direction with a strong number in May. But for the third straight month home sales lag behind last year’s totals. Area 8 (Middletown and surrounding areas) home values haven’t improved over the course of the year like most of Louisville, in fact they’re down.
Areas where homes are higher priced haven’t performed as well lately. Here we see our Prospect MLS area fall behind the previous year in home sales during May. Prices are improving but not at the same rate as other locations in Louisville.
While home sales are blazing in South Oldham, North Oldham isn’t realizing the same experience. Not a horrible month but as you can see in the chart, behind the mark set last May. Values are also flat in Area 20.
Home sales were terrific during May in our South Oldham MLS area. Prices continue to be a mixed bag, jumping up then dropping. For the year there is only modest improvement in this area’s home values.
Our other Louisville real estate update reports for the remaining MLS areas are updated each quarter. The following were completed through Q1 of 2016.
- Area 0: Central Downtown District, Old Louisville Homes
- Area 1: Downtown, Old Louisville, West Louisville Homes
- Area 4: Pleasure Ridge, Valley Station, Shively Homes
- Area 5: Auburndale, Fairdale, Iroquois Park, Shively Homes
- Area 11: Bullitt County Homes
- Area 19: Spencer County Homes
- Area 30: Shelby County Homes
