Louisville Kentucky Real Estate Market
While the Louisville Kentucky real estate market was spared the big spikes and drops that other cities had with the housing bubble, Louisville home owners have had some housing heartaches. Property owners are looking forward to a housing market recovery.
Real estate sales in Louisville Kentucky were at the peak in 2004, 2005, 2006 and 2007 with more than 10,000 houses selling per year during those years. Then in 2008 the real estate sales got off to a very bad beginning, and by the time spring and summer got here, which is when sales usually trend up, the number of homes sold did not go back up to normal summer sales amounts. And then by the end of 2009, the amount of houses closed each month was merely a quarter of the amount selling in the summer months of 2007. Then the tax credits started encouraging people to buy houses again, and the sales came back up. In 2010 and 2011 sales were steady. In 2008, 2009, and 2010 approximately 8000 houses sold each year in Louisville. Even though the market went through ups and downs in number of units sold, the average house sale has remained between $157,705 - $167,065 in all years from 2008-2011. Louisville real estate consultants predict 2012 will not be drastically different regarding the number of homes for sale in Louisville Kentucky or the average sold price.
There is positive news to be reported also. Louisville Kentucky has consistently been a quite affordable place to live in relation to the median income of Louisvillians. And the other good news is that there are always plenty of houses to choose from. On average, about 11% of the houses for sale in Louisville sell each month, leaving 89% still on the market.
To increase the chance of getting an offer, some home sellers are putting in new carpet, new paint and new light fixtures to set their homes apart from the competition for home buyers. In the earlier years when...