Louisville Market Watch

February 2019 Louisville Real Estate Report

Welcome to another Louisville real estate report! This kind of analysis can’t be found anywhere else in the city of Louisville, Kentucky and certainly not for free. As always, I’m glad you are here and if I can answer any questions for you, please contact me.

Let’s get started!

Louisville home sales chart and Louisville home prices chart for Jefferson County for the 12 months ending February 2019

There were 706 Jefferson County homes sold during February 2019. Not a great number, but better than January. This number is down 14.3 percent from the previous year, which is a pretty big drop. Obviously, our low housing inventory played a role. As did the weather. But it could be a signal for further declining from our record year of 2017.

Let’s look at home sale prices. For the month of February, the median sales price was $175,000. This is the exact same value is in January. When comparing it to last year’s February, we see an increase of 6.6 percent. That’s not bad. Let’s get the value for similar points on our trend-line. The results is a 6.5 percent gain in home sale prices which is very solid.

Map of Louisville MLS Areas
Louisville is divided into 10 MLS areas. There are also two for Oldham County and one each for Shelby, Spencer, and Bullitt. (Click map to enlarge)

I do expect numbers to regain some momentum in March after an unusually wet February. House hunters don’t like to venture out into bad weather. That’s the same whether you’re living in Louisville, Kentucky or Los Angeles, California.

When we get to the MLS areas in our monthly report, we will see some very strange results in a couple of them. So strange, I even question the validity of the data.

Interest rates are inching back higher so if you’re looking to be in the city for 3 years or more, it’s likely that buying is a better use of your money than renting. Louisville rent prices are unusually high. If you’d like, I could analyze your personal situation and give you a more precise answer.

February 2019 Louisville Real Estate Analysis

Our city is divided into smaller MLS areas that also give you a snapshot that part of the city. Here’s a link to the Louisville MLS areas map. Below are the MLS areas we update each and every month.

Home sales chart and home prices chart for Highlands neighborhood in Louisville Kentucky for the 12 months ending February 2019 - MLS Area 2

After a big drop in the median home sale price in January, we see a nice rebound during February. Overall that trend-line is very flat. Sales just missed out beating the previous year.

Home sales chart and home prices chart for St. Matthews neighborhood in Louisville Kentucky for the 12 months ending February 2019 - MLS Area 3

Home sales in this MLS area are just slightly lower for February. Prices also dipped below the trend-line but are expected to move higher as we go forward.

Home sales chart and home prices chart for Okolona neighborhood in Louisville Kentucky for the 12 months ending February 2019 - MLS Area 6

Last February was crazy high. Possibly bad data, who knows. This February the sales are lower than you’d like to see but not extremely so. Prices are dropping even with low inventory at a very attractive price point.

Home sales chart and home prices chart for Jeffersontown neighborhood in Louisville Kentucky for the 12 months ending February 2019 - MLS Area 7

Where are these prices going?! This is quite strange. I really don’t have an answer for it other than maybe it’s simply a (major) market correction for prices that moved higher too quickly. Sales are basically the same as last month.

Home sales chart and home prices chart for Middletown neighborhood in Louisville Kentucky for the 12 months ending February 2019 - MLS Area 8

While most of these MLS areas sale January outperform February but that’s not the case here. Sales actally just missed last February’s strange high total. But then look at the massive drop in prices. Looks like some homeowners just couldn’t wait for Spring and dropped their prices in order to sale more quickly.

Home sales chart and home prices chart for Prospect neighborhood in Louisville Kentucky for the 12 months ending February 2019 - MLS Area 9

Area 9 performed like we typically would expect in terms of home sales. Beating out last year is a good sign for sales. And prices keep moving higher.

Home sales chart and home prices chart for North Oldham County Kentucky for the 12 months ending February 2019 - MLS Area 20

Prices remain flat in North Oldham county. Sales just shy of last year’s value. There’s a good amoutn of room for growth.

Home sales chart and home prices chart for South Oldham County Kentucky for the 12 months ending February 2019 - MLS Area 21

Sales are where you’d expect to see them but those prices are far lower than I would have expected.

Quarterly Housing Reports MLS Areas

All of the quarterly Louisville real estate reports are now completed thru the end of the year. Check out the links below or find them all in the drop-down menu at the top of each page.

If you’re asking, “What is my Louisville home worth?” Please contact me! I’m always happy to help!

About the author

Tre Pryor, Editor-in-Chief

Tre Pryor is the recognized expert Louisville Realtor who can:
  • List and sell your current home in Louisville,
  • Help you purchase your next Louisville home, or
  • Guide you in your relocation to Louisville, Kentucky
» Contact Tre now!