Discover how Louisville's real estate market has changed over the months, including rising prices and lower interest rates.
Have you ever wondered what a year can do to the real estate market and how those changes could impact your next big move?
I’ll discuss some key metrics from August 2023 to August 2024 to see where the real estate market in Louisville is headed. Here are what the numbers are telling us about the real estate market here in Louisville:
Absorption rate. In August 2023, the absorption rate was 1.66 months; in August 2024, it was 2.33 months. This measures how long it would take to sell all the inventory currently on the market.
Median list price. In August 2023, the median list price was about $299,999. Currently, in August 2024, that number is $327,000. That’s an increase of close to $28,000 in just one year. This is great news for sellers, as real estate typically appreciates over time. The median sales price also saw an uptick. In August 2023, it’s $271,000; in August 2024, it’s $275,000. Once again, we’re seeing an increase in prices, which benefits homeowners looking to sell.
Median days on the market. In August 2023, it took about six days. Fast forward to August 2024, and we’re looking at about 11 days—a difference of about five days. If you price your house right with a good brokerage like us at JP Pirtle Real Estate, you should get your home sold relatively quickly.
Interest rates. According to Todd Miles at Statewide Mortgage, who we partner with, buyers can expect an average interest rate of about 6.225%. This is down from some of the 7% interest rates we saw months ago, which is really good for buyers.
So, whether you’re planning to buy, sell, or just like to keep a pulse on the market, it’s clear that Louisville real estate is keeping us on our toes. With rising prices, shifting inventory, and more favorable interest rates, the market is full of opportunities—if you know where to look.
The key takeaway? Timing, strategy, and an excellent partner like JP Pirtle Real Estate can make all the difference. After all, in real estate, just like in life, it’s not about waiting for the perfect moment—it’s about making the most of the one you’re in. Call me at (502) 458-2722. I’m here to help you navigate the Louisville real estate market.
