This Louisville Market Report shows an overview of the real estate market in the Greater Louisville area for the first half of 2022. The real estate market in the Greater Louisville Metro has been a strong for the past few years. The first half of 2022 has been no different in terms of how strong the market is. Real estate remains strong as buyers are still very active and sellers are looking to cash out before higher rates and higher prices change the market.
Sellers continue to run the market, and control much of the say in how we are closing transactions. However, the market has been slowly shifting, as buyers are priced out or already became homeowners. While Louisville’s market remains consistent, the past few years have been a shinning spot for our market. In the first half of 2022, we are still seeing strong demand, while it is slowing. Homes average days-on-market are slowly ticking up from where they were last year. Median sales prices are increasing, and inventory still looks like we could be months behind. The housing market in the Great Louisville Area has, and will likely remain strong throughout the rest of the year. While our predictions are that we will see a slowdown, it will likely take us back to pre-pandemic levels.
One of the biggest takeaways from the real estate market in the Greater Louisville Area is the rapid increase we have seen in the housing supply. After having nearly 3 years of low supply and record high demand, this trend seems to be slowing drastically. As we continue to see housing inventory tick up, remember, 6 months indicates a neutral market, and anything 9 or higher is a buyer’s market. No one would have thought to hear “buyer’s market” this soon, but we are rapidly approaching one.