Median home prices in May reached $278,000, the highest ever on record. This is up 8% from last year’s $257,200 and up 5% over the previous month. May’s median price marked the 63rd consecutive month of year-over-year price appreciation.
Bluegrass Realtors® is pleased to announce Richard Gibbens as the new CEO for the Association and Imagine MLS in Lexington, Kentucky.
Gibbens previously served as the Executive Director for Southwest MLS (SWMLS), a wholly owned subsidiary of Greater Albuquerque Association of Realtors® (GAAR) in Albuquerque, New Mexico, where he launched many industry first initiatives and implemented innovation into his organization. He was chosen after a nationwide search and will join Bluegrass Realtors® in late July.
For consumers looking to purchase a property, the more data, the better to help with the search. Bluegrass Realtors®, along with Imagine MLS, is thrilled to announce a new partnership with Columbus REALTORS® out of Ohio that will provide MLS subscribers from both associations with increased search capabilities and available residential property data to aid clients and customers.
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For more than 20 years, local Realtors® in the Somerset-Lake Cumberland region have helped raise money for local organizations through a charity auction held annually in May. Through generous donations, help and support of area businesses, the group has raised over $140,000 during that time.
The number of residential home transactions hit 1,129 in April, a rise of 8% over last year’s 1,046. This is the first time since May 2022 that home sales increased year-over-year. April sales were also up 16% from the previous month, with 972 sales recorded last year. Single-family home sales stood at 1,055, marking an 8% jump over the 979 sold in 2023. Townhouse/condo sales increased by 10% to 74, up from 67 in 2023.
With double digit home price appreciation rounding out the first quarter of 2024, median prices in March were pushed to the highest point on record. Residential property prices topped out at $269,900 in March, a 12% increase over last year’s $240,900 and the 61st consecutive month of year-over-year price appreciation. The previous record was $269,300 last July. March’s median price was also 2% above the previous month.
The number of new listings that hit the market in February was the highest since 2020. The 1,268 properties in the Central and Southern Kentucky region represented an 8% increase over the 1,170 last year and was 20% higher than the previous month’s total of 1,053 homes. This is positive news for buyers as the spring market emerges, which has long been considered the peak buying period for real estate.
Bluegrass Realtors® is offering $10,000 in grant money to local charitable organizations. This funding comes as part of the Association’s Community Education and Outreach Committee’s goal of helping organizations across the 30-county jurisdiction. These Good Neighbor Grants will be awarded to 10 different recipients at $1,000 each.
