Home prices in the Central and Southern Kentucky region rose to a new all-time monthly high for February, hitting $235,000 compared to $220,000 last year, a 7% increase. February marked the 48th consecutive month of year-over-year price appreciation.
The median home price was 3% lower in February than January’s home price of $243,000. For five months in a row, starting in the last quarter of 2022, year-over-year price appreciation has remained in the single-digits. Throughout much of the pandemic, double-digit increases were common.
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.
Buyers shopping for a home at the start of the year saw inventory levels in January higher when compared to the previous two years. Active residential inventory levels stood at 2,613 homes, up 17% from the 2,231 homes on the market in January 2022. This increase is mainly a result of slower sales throughout the region which has helped boost inventory numbers as well as months of inventory and time homes are remaining on the market.
Kelley Nisbet was installed as the 2023 president of Bluegrass Realtors®. She has served the Association in many leadership positions including a four-year directorship, was treasurer in 2021 and has held many committee roles including government affairs, professional standards, finance and executive. Additionally, Nisbet has served as a State Trustee for the Realtor® Political Action Committee (RPAC) since 2018.
Median home prices reached a new all-time monthly high in December, hitting $240,000 compared to $222,400 last year, an 8% increase, and a 3% jump from the November median of $232,500. December marked the 46th consecutive month of year-over-year price appreciation. Single-family home prices stood at $243,500, up 8%, while townhouse/condo prices were $206,500, up 16%.
Bluegrass Realtors® presented its highest awards for 2022 at the recent Installation Luncheon and Member Recognition Meeting – Realtor® of the Year and Good Neighbor – honoring outstanding Realtors® within the Association. Additionally, three individuals were recognized with the President’s Award.
The number of residential home sales decreased 35% in November from a year ago as transactions dropped below the 1,000 mark for the first time since before the pandemic (January 2020). November sales were 947 compared to 1,447 last year. Single-family home sales declined 34% with 888 sales in November compared to 1,349 sales last year. Townhouses/condos dropped 40% with 59 sales compared to 98 in 2021. Townhouses/condos made up around 6% of the total market in November.
The rise in interest rates has continued to affect the real estate market as home sales experienced a slump going into the fourth quarter of the year. But the rate increase has not yet had the same impact on home prices.
Median home prices pushed again to a new all-time monthly high in October reaching $235,000, up 4% over last year when the median was $226,000. October marked the 44th consecutive month of year-over-year price appreciation. The October median price was, however, 3% lower than the previous month as prices start to relax toward the end of the year. Single-family home prices stood at $239,000 while townhouse/condo prices were $210,000.
