Home prices in the region increased to $250,000, tying the second highest median price mark all-time and a new monthly high for April. Last year, the median price stood at $245,000, resulting in a 2% increase year-over-year and the slowest rate of increase since November 2022. April marked the 50th consecutive month of year-over-year price appreciation. For seven months in a row, starting in the last quarter of 2022, year-over-year price appreciation has remained in the single-digits. Year-to-date, median prices are up 6% in 2023 compared to 2022.
Real estate listings that hit the market in March decreased 24% compared to a year ago, with 1,373 residential properties versus 1,810 in 2022. The March number was an all-time low for the month. The drop in new properties coming to market follows five consecutive monthly lows that began in October 2022.
Continuing a long-term commitment to healthy communities for Central and Southern Kentucky homeowners, Bluegrass Realtors® announced its $2,000 investment in the Mt. Sterling-Montgomery County Industrial Authority. Over the past 19 years, Bluegrass Realtors® has made available over $650,000 to promote economic development across the region.
Continuing a long-term commitment to healthy communities for Central and Southern Kentucky homeowners, Bluegrass Realtors® announced its $2,000 investment in Winchester-Clark County Industrial Development Authority. Over the past 19 years, Bluegrass Realtors® has made available over $650,000 to promote economic development across the region.
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.
