Welcome to LHB’s November 2018 Louisville real estate report. Eight of our MLS areas have their numbers crunched each month. I also perform the same calculations on Jefferson County as a whole. That way you get more great information, all for free, with no required sign in.
Most of Louisville saw an increase in home sales during October compared to the previous month, which is unusual. This was especially true for our MLS area 6 where sales continue to be very swift. We will not surpass 2017’s record total.
Values are also up for most of our areas. Area 8 saw a dramatic drop in the median home sale price. Simply look at the chart for your home’s area, or any area you are researching. If I can be of any additional help, please don’t hesitate to let me know.
As we head deeper into Fall and then Winter, sales will continue to decline as home sale prices also decrease. This makes it a less desirable to sell but a better time to grab up a bargain.
November 2018 Louisville Real Estate Report
The median home price in Area 2 has remained fairly flat for more than the past year. Apparently, the price increases in the past are being normalized. After a strong October, sales dipped a bit here in November.
This is the second strong month in a row for our St. Matthews real estate area. Not sure what happened in September but homes are selling. Even with higher sales totals, prices moved higher, which is unusual this time of year.
Sales would be even higher here if there was more housing inventory. Price just keep climbing!
Prices are behaving as you’d expect them to in November. Home sales even surpassed the previous year in and around Jeffersontown, Kentucky.
Up, down, UP! Check out these crazy home sale prices. For the year, the median value has improved significantly. Sales dip a bit in November but still a strong year for Louisville home sales.
Sale volume is declining as we head into the Winter. Similar to Area 2 where we see prices remain level.
For the year prices have been stable. Keep in mind both of these Oldham County MLS areas have much smaller sample sizes than the other groups in our monthly report. After three straight months of surpassed home sales, November couldn’t keep pace with 2017.
Prices improve slightly in November as sales totals beat the previous year for the second straight month.
Quarterly LHB Housing Reports
I just finished updating all the quarterly Louisville real estate reports through Q3 of 2018. You can click a link below or, as always, from the drop-down menu at the top of each page.
- 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
The larger sample size of Jefferson County helps us get a better understanding of Louisville’s home sales for the year. For most months in 2018, we couldn’t keep pace with the previous year. (In March, it wasn’t even close.) So, it’s safe to say that 2017 will remain the biggest year on record.
Even still, it’s been a solid performance. In certain areas, namely those under $200,000, have large sale totals with rising prices. It’s clear this is where most of the demand is currently.
For the month, there were 861 homes sold. Compared to last year’s total of 964, this amounts to a -10.68% decrease.
Last year, the median home sale price for November was $167,500. This year it’s $178,000, good for a 6.27% increase. This is pretty big if you think about it.
Analyzing the trend-line values this number becomes 6.08%. Therefore, we’re looking a very solid year for Louisville home appreciation.
The reoccurring theme is that we need more housing options for buyers. This is largely true for the price point under $200,000. Could also use some in the $200,000 to $300,000 price tier. Above that, inventory is still fairly stout.
If you’d like to know what your home is currently worth, please contact me. I’m always happy to help!