Photo of a Louisville home in Middletown by Tre Pryor
Sales dip, but prices continue to climb.

There’s never a dull moment in the world of Louisville real estate.

In 2016, records were broken. Most home sales in Louisville — ever.

Now in 2017, we’re experiencing record low inventory levels. What could come next? Highest ever home values? You don’t say … that exact outcome is looking more and more likely. You be the judge. Here are the median home sales prices in Jefferson County going back to 2006. Watch what happens near the end.

2006April$139,000
2007April$133,435
2008April$129,500
2009April$123,000
2010April$135,000
2011April$126,000
2012April$135,250
2013April$135,000
2014April$135,000
2015April$142,000
2016April$150,100
2017April$164,000

Almost no change for nine years then — bam!  prices start spiking. The change from 2016 to 2017 is an insane 9.3 percent. This is largely due to higher-than-average demand coupled with record-low inventory levels.

It’s a great time to be a homeowner in Louisville.

The average sale price for homes sold last month was $199,213. This is up 6.97 percent from a year ago, far higher than our typical 4 percent yearly appreciation.

Charts of Louisville home sales and Louisville home prices for the 12 month period ending April 2017
Back and forth, 2017 loses ground to previous year in Louisville home sales contest.

Now let’s look at sales activity.

After a stronger sales month in March, April saw home sales actually decline, which doesn’t fit the seasonality model. There were 941 properties sold for the month. This number is down from 1,019 for April 2016 and even down from the 1,027 houses that were sold last month.

These numbers aren’t terrible, but now 2017 is no longer on pace to match the previous year in terms of total homes sold.

We’ve been talking about how housing inventory in Louisville is at record lows. We saw a bit of hope come in March, but the absorption was unchanged in April, meaning new listings matched sold inventory.

There’s still great demand for listings in our unbalanced market, so all homeowners considering a sale would do quite well in with our current market conditions.

Tre Pryor
Tre Pryor is an Internet-veteran turned tech-savvy Louisville Realtor with ReMax Champions. Mr. Pryor is the recognized Louisville real estate expert writing for both InsiderLouisville.com and the #1 real estate blog in the city--LouisvilleHomesBlog.com. Most of all, Tre is a trustworthy professional who wants you to see your dreams fulfilled!