Sold Listings
August 2023 saw a 9.1% increase in existing home sales, month-over-month, with 1,229 sold compared to July's 1,126. Year-over-year sales are 16.6% lower, when August 2022 had 1,475 sales.Median Sales Price
The first time since February, the median sales price has fallen, dropping 3.3% from $269,000 in July to $260,000 in August. From February to July median sales price increased each month, resulting in an overall increase of 14.4%. Even with the 3.3% decline, median sales price remains 4% higher than $250,000 from August 2022. Interest rates have held in the mid to high 7's over the last couple of months, which may have caused some sellers to lower prices to keep potential buyers from being priced out. The drop from 98.4% list to sold price ratio to 98% also supports this logic.
New Listings
New listings in August increased 2.4%, coming in at 1,562 compared to 1,524 new listings in July. While slight, this increase goes against the trend from each of the previous two years where August saw a decline in listings hitting the market. Year-over-year, new listings are down 15% from 1,839 in August 2022.
New Construction
New construction new listings jumped drastically from 46 new listings in July to 122 in August - a 165% increase and welcomed data point to our local market. Just like existing sale prices, new construction average sale price also fell in August, dropping 12.8% to $406,977. Additional ResourcesFeatured Properties
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At Christie’s International Real Estate Bluegrass, we believe that luxury describes an experience. With Central Kentucky’s best REALTORS® and a powerful global platform that offers world-class marketing, industry-leading technology, and international reach, the firm is focused on providing the highest level of service and professionalism to clients at every price point. Celebrating all that the Bluegrass State has to offer, we are excited to speak to you about our full range of services and more. Luxury Lives Here. Graphs courtesy of Bluegrass REALTORS