Each month, Pam Jury, 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. In October 2024, we're seeing positive trends and discussing what it takes to reach a "neutral market."
What’s happening in the Central Kentucky real estate market? Inventory is climbing for the first time in years, and closed sales are following suit (National Association of REALTORS®). Positive trends are emerging, signaling a healthy and active market.
In October 2024, sold listings increased by 3% compared to October 2023, with the median home price rising 9% year-over-year to $277,000. These metrics indicate robust demand and market stability. Additionally, the months of inventory grew by 13% since October 2023, now standing at 3.4 months. Average days on market also ticked up slightly, reaching 38 days - a 6% increase. These shifts give buyers more opportunities in a less frenzied environment than in recent years.
However, buyers shouldn’t wait too long to act. Pending sales jumped 21% from October 2023, highlighting increased activity from new buyers. This upward trend further underscores the market's strength and stability.
WHAT IS A NEUTRAL MARKET?
A neutral market occurs when there is at least six months of inventory available, meaning it would take six months to sell the current listings if no new homes hit the market. Central and Southern Kentucky remain in a seller’s market, with 3.4 months of inventory as of October 2024 - up from 2.9 months this time last year. While inventory would need to double to reach neutrality, this increase gives buyers a bit more time to explore options and make well-informed decisions.
Finally, the total sales volume in the region soared 19% compared to last year! These numbers affirm that the Central Kentucky real estate market is vibrant and thriving. Whether you’re looking to buy or sell, now is an excellent time to make your move!
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