Greater Louisville’s Real Estate Market Sees Positive Growth in Key Metrics for October 2024
Greater Louisville’s Real Estate Market Sees Positive Growth in Key Metrics for October 2024
Louisville, KY – The Greater Louisville real estate market continues to display resilience and growth, as highlighted in the October 2024 market statistics released by the Greater Louisville Association of REALTORS®. Key indicators show positive trends, providing a promising outlook for buyers and sellers alike.
Total existing home sales, including single-family homes, condominiums, and townhomes, increased 6.6% from 1,196 in October 2023 to 1,275 in October 2024.
The median home sale price in October was $284,900, up 10.2% from $258,450 in October 2023. The average home sale price was $340,242 up 11.8% from $304,217 in October 2023.
“The steady growth in new listings and closed sales shows the strength and growth of our local real estate market, setting a positive tone as we head into 2025,” said Carter Martin, Jr., GLAR President.
Total housing inventory increased 24.3% to 3122 at the end of October from 2511 in October 2023.
In October, months’ supply of homes in the Greater Louisville market increased 23.8% to 2.6, from 2.1 in October 2023. Typically, a balanced real estate market offers between six and nine months of supply. Nationally, there was a 4.2 month supply of housing inventory, according to the National Association of REALTORS® (NAR).
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.84% as of November 21st, up .06 from the previous week and down .45 from a year earlier.
The average cumulative days on the market were 42 days in October, a 16.4% increase compared to a year earlier. The average percentage of list price received in October inched up .3% to 98.6%.
| October Local Housing Statistical Reports by County: |
Leave a Reply