January 2022 Real Estate Market Update
January 2022 Home Sales Down 9.3% with Average Price Up 6.9% and 17.5% Less Inventory
The Greater Louisville Association of Realtors® reported January 2022 sales volume down 9.3% versus January 2021. 1084 homes and condos sold last month, versus 1196 one year ago.
The average price was up 6.9% for the Multiple Listing Service as a whole. In Jefferson County, the average price was $255,804 and the median was $215,000. For all MLS areas, the inventory of available properties was 17.5% lower than at the same time last year.
GLAR President Paula Barmore commented that, “The recent tick up in mortgage rates may have had some effect on the dip in sales volume, but the primary driver is the low inventory of homes for sale.” She added, “We should see some buyers get serious about securing a home in early spring before rates go up further.”
Lawrence Yun, the Chief Economist for the National Association of Realtors (NAR) noted, “Increases in mortgage rates will hamper affordability in 2022, especially for first time buyers. Investors and move-up buyers will be less affected.” Yun anticipates a 2% decrease in homes & condos sold in 2022, with prices up 4%.
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