Greater Louisville's Real Estate Market Sees Positive Growth for November 2024
Louisville, KY (December 19, 2024) – The Greater Louisville real estate market continues to display resilience and growth, as highlighted in the November 2024 market statistics released by the Greater Louisville Association of REALTORS®. Key indicators show positive trends, providing a promising outlook for buyers and sellers alike.
Total existing home sales, including single-family homes, condominiums, and townhomes, increased 6.5% from 1,065 in November 2023 to 1,134 in November 2024.
The median home sale price in November was $280,250, up 7.4% from $261,000 in November 2023. The average home sale price was $331,757 up 5.1% from $315,530 in November 2023.
Total housing inventory increased 24.3% to 3122 at the end of November from 2511 in November 2023.
In November, months’ supply of homes in the Greater Louisville market increased 19% to 2.5, from 2.1 in November 2023. Typically, a balanced real estate market offers between six and nine months of supply. Nationally, there was a 3.8 month supply of housing inventory, according to the National Association of REALTORS® (NAR).
"Home sales momentum is building," said NAR Chief Economist Lawrence Yun. "More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%."
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of December 12. That's down from 6.69% one week ago and 6.95% one year ago.
The average cumulative days on the market were 43 days in November, a 16.2% increase compared to a year earlier. The average percentage of list price received in November inched up .4% to 98.5%.
November Local Housing Statistical Reports by County:
Entire-MLS
Breckinridge-County
Bullitt-County
Grayson-County
Hardin-County
Henry-County
Jefferson-County
Meade-County
Nelson-County
Oldham-County
Shelby-County
Spencer-County
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