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Louisville March Housing Market Report
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For Immediate Release

Contact:
Paula Barmore, (502) 905-7724
Lynda Fernandez, (502) 894-9860

 
Despite Rising Interest Rates Greater Louisville Home Prices Increase Again Due to High Demand and Limited Supply

Louisville, KY (April 18, 2022)
- Following a record-breaking sales year in 2021, home sales in Greater Louisville declined for the sixth consecutive month due to persisting low supply and rising interest rates, according to the Greater Louisville Association of Realtors (GLAR).

Total existing home sales, including single-family homes, condominiums, and townhomes, decreased 6.30% from 1555 in March 2021 to 1457 in March 2022.

Record low inventory continues to drive home price growth. The median home sale price in March was $240,000, up 11.68% from March 2021 ($214,900). The average home sale price was $281,095, up 11.68% from $252,378 in March 2021.

The Greater Louisville market again had under one months (0.79) of supply in March. A balanced real estate market offers between three and six months of supply.  
According to Freddie Mac, the 30-year fixed mortgage rate rose to 5% on April 14 from 4.72 the previous week.

“Unlike more expensive markets in the country, Louisville offers more moderately priced homes for all types of buyers,” said GLAR President Paula Barmore. “Therefore, surging interest rates don’t impact local buyers as much as they would those in other U.S. metros.”

But NAR Chief Economist Lawrence Yun notes that rising rates and escalating prices are affecting affordability and preventing many consumers in other markets from making a purchase.

"The sharp jump in mortgage rates and increasing inflation is taking a heavy toll on consumers' savings," he said. "However, I expect the pace of price appreciation to slow as demand cools and as supply improves somewhat due to more home construction."


Click here for more real estate market statistics from GLAR.
The Greater Louisville Association of REALTORS® (GLAR) is the “The Voice for Real Estate” in the Greater Louisville Area. As the local arm of America’s largest trade association, the National Association of REALTORS®, GLAR represents more than 5000 members involved in all aspects of the residential and commercial real estate industries. GLAR organizes advocacy efforts on legislative issues that impact the real estate profession and homeownership, offers professional development, and plans community outreach projects throughout the year so its members can give back to the community where they live and work. For more information, visit LouisvilleRealtors.com or call 502-894-9860.

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Greater Louisville Association of REALTORS |12300 Sycamore Station Place, Louisville, KY 40299

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