2021 Home Sales Up 4.8% with Average Price Up 9.3% and 10.9% Less Inventory
Louisville, KY (January 18, 2022) - The Greater Louisville Association of Realtors® (GLAR) reported annual sales volume up 4.8% versus 2020. Sales this December were 1.7% lower than last December, with 1607 units versus 1635 units. The average price was up 9.7% annually, representing close to a $35,000 increase for homes in the average price range. In Jefferson County, the average price was $277,860 and the median was $230,500. For all MLS areas, the inventory of
available properties was 10.9% lower than at the same time last year. GLAR President Paula Barmore commented that, "Our members finished 2021 with sales up about 5% and prices up about 9%. We remain firmly in a sellers' market with less than one month of inventory and an average time of the market of just 3 weeks." She added that, "Many homes are still selling in the first couple of days, but there are some listings that remain for sale for a couple of months." Lawrence Yun, the Chief Economist for the National Association of Realtors® (NAR) noted that, "Determined buyers were able to land housing before mortgage rates rise in the coming months. Locking in a constant and firm mortgage payment motivated many consumers who grew weary of escalating rents over the last year." Yun forecasts the 30-year fixed mortgage rate to be 3.7% by the end of 2022. He is also forecasting a tapering of the appreciation rate, with a target close to 3% by the end of 2022.
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