April recorded the 18th consecutive month of year-over-year growth in available housing inventory, with 3,551 homes listed for sale - a 25% increase over the 2,853 listings available at the same time last year. Inventory remained above the 3,000 mark for the 11th straight month and rose 5% from March, marking the highest April inventory total since 2020. The summer housing market will see improved conditions for buyers with the growth in available homes.
New listings have also hit a three-month stretch of increases with a 9% jump in April compared to last year. In total, 1,860 properties hit the market in 2025 compared to 1,714 in 2024. The number of properties coming online was a 7% gain from last month’s 1,746 new listings. Year-to-date, new listings are up 6%.
“Buyers are seeing a significant rise in available properties which is good for buyers,” said Todd Hyatt, president of Bluegrass Realtors®. “But this momentum needs to sustain for an extended amount of time to get the market back into balance. As sales push up through the summer, more homes will be needed to meet that demand.”
April home sales surpassed last year’s totals by 2% after two months of decreases. The month saw 1,177 sales, up from last year’s 1,159 sales and up 22% from March when transactions were at 965. After a first quarter that saw lower sales, mainly due to harsher than normal weather, closed transactions appear to have picked up in the second quarter.
Single-family sales in April saw a 1% increase, with 1,095 homes sold compared to 1,083 last year. Townhouse and condo sales jumped ahead 8%, from 76 units in 2024 to 82 this year. Townhouses and condos represented 7.5% of the market.
New construction sales surged to the highest level in 57 months and the third highest total since late 2009. With 148 sales in April, this represented a 10% year-over-year increase, compared to 135 last year. Month-over-month, new construction sales rose 8%, up from 137 in March.
The number of homes going under contract jumped, year-over-year, for the second consecutive month, with April seeing a 6% year-over-year bump, from 1,295 in 2024 to 1,374 this year. April also marked the fourth consecutive month of pending sale increases, climbing less than 1% from 1,369 in March. April’s pending sales were the highest month in over 2.5 years.
Although homes are taking longer to sell, April’s time to close is the lowest so far for 2025. The average days on market (DOM) dropped to 50 days, an 14% decrease from 58 days last month, but up 22% from last year. April marked the fourth consecutive month with DOM remaining over 50 with the last time this happened starting at the end of 2019. April’s median DOM climbed to 16 days, up from 12 days in 2024 but a drop from 25 days in March.
“Even though properties are staying on the market slightly longer than in recent past, buyers should be ready to move if they find the right home,” stated Hyatt. “Demand from consumers is strong, but the market can be a challenge to navigate. The best way to prepare is to get preapproved before starting the search and work with a professional.”
Unsold inventory took a dip to the lowest levels of the year, with only 3 months available, reflecting a 12% decrease from March but still reporting a year-over-year increase of 20% from 2.5 months in 2024. April marked the 36th consecutive month of year-over-year inventory growth.
April, once again, set a monthly record for home prices with the median sale at $274,000, or a 3% increase over the $265,000 median in 2024. Home price appreciation has slowed recently as April’s closed transactions were only $4,000 more than the previous month’s $270,000. The data marked 74 consecutive months of year-over-year price appreciation. For the year, median prices are up 3%.
Single-family home prices in April rose 3% to $275,000, compared to $266,000 last year, while townhouse and condo prices jumped 15% to $258,500 from $225,500 in 2024.
Total real estate sales volume rose over 8%, year-over-year, to over $373 million from $344 million in 2024. Year-to-date sales volume broke the $1 billion mark and is up 5% with over $1.15 billion in real estate transactions.
“Real estate throughout the Bluegrass region appears to be healthy and moving in the right direction,” added Hyatt. “However, lower mortgage rates would certainly help stimulate more home sales and boost activity by bringing a segment of home buyers back into the market.”
Interest rate averages have trended just under 7% for the year, ending in April at 6.73%, or about 4% lower than last year’s 6.99%. From the previous month, however, rates rose from 6.65%. The Fed has said that recent market volatility was the cause to the rates remaining steady at the beginning of the month.
As the region’s leading advocate for homeownership, Bluegrass Realtors® understands the value and joy of owning a home. The Association represents more than 4,000 Realtors® located in 38 counties: Anderson, Bath, Bell, Bourbon, Boyle, Casey, Clark, Clay, Elliott, Estill, Fayette, Franklin, Garrard, Harrison, Henry, Jackson, Jessamine, Knox, Laurel, Lee, Lincoln, Madison, McCreary, Menifee, Mercer, Montgomery, Nicholas, Owsley, Powell, Pulaski, Rockcastle, Rowan, Russell, Scott, Shelby, Wayne, Whitley and Woodford counties. Visit www.bluegrassrealtors.com for up-to-the-minute real estate listings and buying and selling resources.