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. In April 2024, it's back to basics with an Econ 101 course delving into supply and demand.
NEW LISTINGS
1,635 new listings came to market in April 2024, an 11.9% jump from 1,452 new listings in 2023. This marks three consecutive months of year-over-year growth, pushing the year-to-date new listings number to 5,513, 5.5% over 2023’s totals through April.
SOLD LISTINGS, BUYER DEMAND
For the first time in over a year sold listings surpassed the previous year’s number — 1,126 listings closed in April 2024, 7.6% more than 2023's 1,046 sold listings.
Year-to-date sold listings are still lagging behind 2023's figures by 3.9%, but April’s strong number shortened that gap by 5.4% from March’s 9.3% lag in year-to-date sold data.
As inventory and sold listings continue to increase, the next graph provides a snapshot of buyer demand within our local cities so far in 2024. Georgetown, Nicholasville, and Lexington are obvious standouts with below-average days on the market and a high list-to-close price ratio. Georgetown leads this group with an average of only seven days on the market and a 99.26% list-to-close price. The size of the dots reflects the average close price. Average close prices range from Nicholasville and Versailles at $444,133 and $419,977 respectively, to Harrodsburg and Frankfort at $267,346 and $236,011 respectively.
MEDIAN SALES PRICE
The median sales price dropped from $269,000 in March to $265,000. $265,000 is 6% higher from April 2023, and 8.2% higher year-to-date from $245,000 seen in 2023. As prices continue to remain high, it is worth noting the dip in sales price in April as inventory grows to support demand.
ADDITIONAL RESOURCES
Luxury Market Report: 2023 In Review & 2024 Forecast
Home Search
Home Valuation
Find An Agent
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