Welcome to the May 2018 Louisville real estate report. You can’t find these custom real estate charts anywhere else! Totally free without any login or sharing of your personal information. Great, right? Share with all your friends!
Looking at the Louisville real estate market right now, we’re seeing a great deal of speed. Speed, in terms, of how fast homes are selling. It’s crazy! If a home is in above average condition and priced correctly, it will sell within the first few days on the market. That kind of speed.
Another attribute of our market has been and will continue to be low inventory. There just aren’t enough options for home buyers. Now, this isn’t completely true. If you’re looking to purchase at $500,000 or higher, there’s still a good amount of housing inventory. But Louisville homes priced at $250,000 or less are in high demand. And they are far rarer than is typically the case.
Just a while back I wrote on this topic. You can find it here: The Louisville Housing Inventory Crisis.
With all this happening, I’m actually a bit surprised to see home prices not increasing at a higher rate. Our 4% annual appreciation is likely to get beat in 2018 but maybe not by much.
With mortgage interest rates still at historical lows, it continues to be a great time to purchase a new home. Now let’s check out our Louisville real estate report for May for each of our monthly MLS areas.
May 2018 Louisville Real Estate Report
It’s pretty easy to see that home prices in Area 2 really spiked in May. Up over $220,000 and that’s for the median home price, not the average. Home sales just missed the previous year’s mark.
Flip the script in Area 3 where sales surpassed the previous year but prices dipped.
Home sales in May for Area 6 were a dead heat… exactly the same. After a jump in prices during April, May saw a correction.
Prices continue to move higher in the desirable part of the city. If there were only more housing options for Louisville house hunters.
Pretty much the same story here in our Middletown area but with even more home sales. Both metrics saw very positive moves.
Higher priced homes are not selling as well as lower priced homes. This should be obvious but is worth stating. Sales in Area 9 really fell from last year’s high total.
Prices improved after a horrible April and sales moved higher but there’s still a great amount of room for improvement.
South Oldham has been performing better than North for some time now. Lower prices certainly help.
Quarterly LHB Housing Reports
All of the Louisville real estate updates that I update quarterly are done through Q1 of 2018. These are listed below. If you have any specific questions, please let me know.
- Central Downtown District, Old Louisville – Area 0
- Downtown, Old Louisville, West Louisville – Area 1
- Pleasure Ridge, Valley Station, Shively – Area 4
- Auburndale, Fairdale, Iroquois Park, Shively Homes – Area 5
- Bullitt County – Area 11
- Spencer County – Area 19
- Shelby County – Area 30
Jefferson County Housing Report
For the entire city, home sales couldn’t match 2017’s outstanding May total. Even still, when 1,153 properties exchange hands, you can’t call it a “failure.” That amounts to a 4.87% decrease in sales from the previous year.
The median price of homes sold was $178,000. Last year, the value was $175,548. So we see an improvement though not a large one. Prices will continue to move higher, it’s the rate that we’re unsure of.
If you’re interested in what your Louisville home would sell for, please contact me. I’ll provide you a full CMA at no charge and leave the decision to you. Not all Louisville Realtors will do that. As one of the Top 3 Realtors in Louisville, it will be my pleasure to give you the 5-star treatment that my clients have come to expect.
Now is a great time to sell. When I say “now” I mean… right this moment. May is the best time to list for a fast sale. If you contact me now, I have a great promotional incentive is that will save you a great deal of money when selling your home.