As 2015 starts to wind down, it’s inevitable that we look backwards, at where we have been, and then to where we might be headed. As a Louisville real estate agent with Lenihan Sotheby’s International Realty, I am no different in that regard, except that I like to include the local market stats as part of my yearly review.
So as I prepare my New Year’s Resolutions for next month, I also want to take a peek at where our local market has been over the past 12 months. In this short post, I am looking only at the median asking price of homes that are currently for sale as of today, November 27th, 2015, and not homes that are under contract or have recently sold.
And by looking at the graph at the top of this page, it is pretty apparent what has happened over the past year. The listed median home prices that we see are at near year long highs, around $174,000. And remember what the median means, that half the homes for sale are listed higher than that number, and the other half is for sale below that number.
But it’s not even close to where we were earlier this year, there’s over a $20,000 bump in asking home prices for the Louisville market. If you are a home seller, that is definitely good news, if you happen to live in an area that is actually realizing those gains. But if you are a buyer, this might not be the best news you’ve ever seen, as it appears that it is getting pricier and pricier to get into the market.
Going forward, I will be looking at smaller segments of the market, such as Prospect, St. Matthews, The Highlands and Anchorage, and will really drill down into a variety of measurements, such as inventory levels, overall market health and dollars per square foot.
Check back in and let me know if there is a particular neighborhood or part of town that you are most interested in, and I’ll do my best to help out!