The Future of Louisville Real Estate, 2010 Edition

Posted by Tre Pryor, Editor-in-Chief on January 01, 2010 in Trends/Statistics tagged with ,

At the turn of every year, we like to look back and reflect on the year past. Here at Louisville Homes Blog, we’re no different. But it’s also important to look forward and see how to best take advantage on the real estate market for your own situation.

Predicting the future is always a tricky task but there are some very bright minds at the National Association of Realtors (NAR) who make it their job to study the data.

Now, this data isn’t specific to Louisville, KY but we can still learn a few things from it. Here are some of the high points from a recently published NAR article.

National: Existing Homes

2008 2009 2010*
Home Sales (millions) 4,913 5,011 5,594
Home Prices $198,100 $172,600 $178,800
Change (in price) -9.5% -12.9% 3.6%


National: New Homes

2008 2009 2010*
Home Sales 485,000 397,000 549,000
Home Prices $232,100 $211,100 $219,000
Change (in price) -6.4% -9.0% 4.2%
* Projected

These national numbers are interesting but don’t translate well for Louisville real estate. Let’s look at data from the Louisville MLS.

Louisville Kentucky: All Homes

2008 2009
Total Home Sales 11,369 11,651
Average Price $165,746 $158,337


So from 2008 to 2009, the total of all home sales went up 2.5%, while prices dropped 4.5%.

If we use National projections for 2010, which I don’t necessarily recommend but it’s a fun exercise, then Louisville should have approximately 13,002 sales and average prices would rise to $164,037 for our market. Check back next January to see how close we were.