LOUISVILLE, Ky. — Year-to-date home sales volume is up 15.8% in the Greater Louisville region, according to data released today by the Greater Louisville Association of Realtors (GLAR). May sales were up 27.3% compared to May 2020 when COVID-19 began to cause a slowdown in closing activity.
The average price was up 11.1% year-to-date, compared to last year. In Jefferson County, the average price was $267,478 and the median was $224,000. For all MLS areas, the inventory of available properties was 47.7% lower than at the same time last year.
“The sellers’ market continued in full force during May, in virtually every price range. Buyers often have to make several offers before getting a home under contract,” said GLAR President Judie Parks. “Buyers also are making modifications to the normal inspection, appraisal and possession portions of the purchase agreement to make their offers more attractive to sellers.”
Chief Economist for the National Association of Realtors (NAR), Lawrence Yun said more housing inventory will reach the market in a few months.
“The mortgage forbearance program will steadily wind down, leading to further available inventory,” Yun said. “Moreover, the progress in vaccination among elderly homeowners will lead to normal life activity, including home sales that had been postponed since the onset of the pandemic.”
Houses sold: 7,246 (6,255 in 2020)
Average days on market: 25 (65 in 2020)
Average selling price: $256,503 ($230,920 in 2020)