FLORENCE, Ky. — Home sales continue to be brisk in Northern Kentucky and homebuyers are pulling out all the stops to show home sellers that they are willing to pay over list price to purchase a home, according to the Northern Kentucky Association of Realtors (NKAR) and the Northern Kentucky Multiple Listing Service (NKMLS).
In April, the MLS recorded 581 residential properties sold compared to 517 in April 2020, an increase of 12.38%. Average sale prices jumped 18.18% — to $257,306 — and days on market (from active to pending) dropped from 31 to 20.
Year to date, Northern Kentucky home sales have increased 9.08%. The average price has increased 13.49% over 2020, and total volume is up 23.8%. The average number of days on market is 27, down from 38 at this time in 2020.
In Northern Kentucky and across the nation, housing markets are experiencing historically low listing inventory numbers, NKAR said. From 2006 to 2011, there were over 3,000 homes for sale each year on average. The number of listings dropped each year . In 2019, there were just over 1,000 homes for potential buyers. Listings are going pending within days, if not hours after becoming active in the MLS, the association said in a press release.