Premier Homes Team: Louisville, KY Housing Market September 2023
If you’re looking to buy or sell a home in Louisville, KY, it’s important to understand the current housing market conditions. As of September 2023, leading into fall 2023, Louisville is a seller’s market, which means that prices tend to be higher and homes sell faster. In this article, we’ll take a closer look at the Louisville housing market and what it means for buyers and sellers.
Housing Prices Fall 2023
The median sold price for homes in Louisville, KY was $240,016 in September 2023, up 3.8% from the previous year. The median price per square foot was $173. Here’s a breakdown of the median sold price by bedroom count:
- 1 Bedroom: $99.3K (+4.6%)
- 2 Bedrooms: $172.4K (+2.7%)
- 3 Bedrooms: $239.9K (+4.4%)
- 4 Bedrooms: $349.9K (+4.5%)
- 5+ Bedrooms: $509.3K (+6.4%)
As of September 2023, there were 2,903 homes for sale in Louisville, KY, a 4.4% increase compared to August 2023. Here’s a breakdown of the number of homes for sale by bedroom count:
- 1 Bedroom: 59 (+3.5%)
- 2 Bedrooms: 620 (+8.6%)
- 3 Bedrooms: 1,390 (+0.1%)
- 4 Bedrooms: 631 (+10.1%)
- 5+ Bedrooms: 203 (+5.7%)
Number of Homes Sold Fall 2023
In September 2023, a total of 656 homes were sold or pending in Louisville, down by 30.1% month-over-month. Of the 656 sold homes, 44% were sold under asking, 25% were sold at asking, and 31% were sold over asking.
Days on Market
Homes in Louisville had an average of 24 days on the market in September 2023, up by 25% compared to the previous year.
Impact of Rising Rates and Home Prices on Affordability
While the Louisville housing market is currently a seller’s market, rising interest rates and home prices can impact affordability for buyers. As interest rates rise, monthly mortgage payments increase, making it more difficult for buyers to afford homes. Additionally, rising home prices can price some buyers out of the market altogether. It’s important for buyers to carefully consider their budget and financial situation before entering the housing market.
Working with Professional Real Estate Agents and Lenders
Navigating the Louisville housing market can be challenging, especially for first-time buyers or sellers. Working with professional real estate agents and lenders can be helpful in this market. Real estate agents can provide valuable insights into the local market and help buyers and sellers navigate the buying and selling process. Lenders can help buyers understand their financing options and find the best mortgage rates. It’s important to choose experienced professionals who are familiar with the Louisville market and can provide personalized guidance.
Overall, the Louisville housing market is a seller’s market with rising home prices and a limited supply of homes for sale. Buyers should be prepared to act quickly and potentially pay over asking price to secure a home. However, rising interest rates and home prices can impact affordability, so it’s important for buyers to carefully consider their budget and financial situation before entering the housing market. Working with professional real estate agents and lenders can be helpful in navigating this challenging market.