Each month, Justin Miller, Principal Broker at Christie's International Real Estate Bluegrass, analyzes the local real estate market in Central and Southern Kentucky and breaks down the data.
UNITS SOLD, NEW LISTINGS
2024 began with 720 sold listings in January, 3.2% less than January 2023. While still down, this is a drastic improvement from 2023’s 17.5% year-over-year deficit in units sold. One thousand forty-three (1,043) new listings were delivered in January, a slight decrease from 2023’s first positive year-over-year numbers achieved in December. This shortfall in new listings could be a result of a few cold, snow-covered weeks in January disrupting schedules with schools and other activities being canceled/postponed, ultimately pushing a new listing back to a later date. It will be interesting to look at February’s data with this in mind.
MEDIAN SALES PRICE, DAYS ON MARKET, 30-YEAR FIXED-RATE MORTGAGE
With the median sales price at $258,000 and median days on market increasing to 22 days, the market showed a glimpse of what is expected to be a stronger spring as the 30-year fixed mortgage rates steadily declined from October’s high 7’s to the mid-high 6’s of January. Although home prices are historically high, the 10-year price trend for our market suggests long-term appreciation and rates lowering into the 6’s have helped many sellers and buyers justify entering the market.
MONTHS OF INVENTORY
Another positive trend is the growth seen in the months of inventory available in the market. Lack of inventory has been an issue nationwide for several years. Locally inventory levels moved from 2.7 months to 4.7 months within the same timeframe as the decline in mortgage rates, improved median sales price and days on market, and units sold inching close to positive year-over-year numbers — all good indicators of the overall strength of the current consumer.
ADDITIONAL RESOURCES
Luxury Market Report: 2023 In Review & 2024 Forecast
Home Search
Home Valuation
Find An Agent
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