Lexington, Ky. – From evolving buyer representation to a national election, 2024 brought significant change and challenges to the real estate industry. Yet, Kentucky's luxury market thrived. Christie's International Real Estate Bluegrass's 2024 Annual Luxury Market Report examines how these shifts, among others, impacted the $1 million+ market across Central Kentucky, Greater Louisville, Northern Kentucky, and land/farm properties, and what they mean for 2025.
Key 2024 Highlights
- Overall Market Strength: Luxury sales thrived across Central Kentucky, Greater Louisville, and Northern Kentucky, demonstrating the resilience of the high-end market.
- Significant Growth: Greater Louisville led with a 22% surge in sales volume, while Northern Kentucky saw a 15% increase. Central Kentucky posted a 17% rise in transactions, with sales volume reaching $245 million, up from $206 million in 2023.
- Balanced Market Dynamics: While Days on Market (DOM) increased, suggesting buyers are taking their time, list-to-sale price ratios remained strong or improved in most areas, indicating healthy market activity. Notably, Greater Louisville properties sold at 96% of list price, signaling robust demand.
2025 Forecast: Continued Growth Expected
Building on 2024's momentum, Christie's International Real Estate Bluegrass predicts continued growth and strong appreciation in 2025, outpacing other market segments. This positive outlook is driven by:
- Economic Resilience: High-net-worth individuals continue to invest in luxury properties.
- Lifestyle Preferences: Demand remains strong for spacious homes with luxury amenities and flexibility for remote work.
- Limited Inventory: A constrained supply of high-end homes will continue to support price growth.
"Kentucky's luxury real estate market has not only weathered national headwinds but has achieved remarkable success in 2024," says Rusty Underwood, Owner/CEO and Realtor. "We are confident that the trends we've seen, coupled with the unique appeal of our region, will propel continued growth in 2025, offering exceptional opportunities for buyers and sellers."
Should you have any questions about the report or wish to schedule an interview with Owner/CEO Rusty Underwood, please contact Ashley Swift, Marketing Director, at [email protected].
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About Christie’s International Real Estate Bluegrass
We believe that luxury describes an experience. With Central Kentucky’s best REALTORS® and a powerful 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. For more information, please visit cirebg.com.
