Louisville Property Values Climb Steadily Through April 2024 Amid Market Fluctuations

The Louisville, Kentucky real estate market displays a generally upward trend with consistent property value appreciation and healthy investor confidence.

authorWritten by Manuel MartinezMay 24, 2024

There has been a noticeable upward trend in house prices in Louisville, Kentucky, hinting at a strong and growing marketplace. From May last year, where the average value clocked in at $230,660, we’ve seen a consistent rise, reaching $245,450 by April 2024. This growth represents a significant appreciation in property values, – values are up 6% –  suggesting that investor confidence and buyer demand in Louisville remain high.

May 2023 April 2024 Change
Median Listing Price $230.7K $215.7K -6.50%
Median Sold Price $217.7K $215.7K -0.95%
Homes For Sale 850 834 -1.88%
Homes Sold 4,943 4,824 -2.41%

The per square foot value, an important indicator of real estate health, also mirrors this increase. Growing from $142 in May 2023 to $150 in April 2024, it underscores that the Louisville market is not only experiencing a lift in overall property values but also in the more granular cost by area.

However, the average sale price of properties presents a different narrative with fluctuations observed throughout recent months. This variability is common in real estate cycles and may reflect diverse factors such as market seasonality, the mix of housing types sold during a particular period, or external economic influences. The peak occurred in January 2024 with an average sale price of $223,138, while the lowest was marked in February 2024 at $209,652.

Price per square foot of sold homes increased from $166 in May 2023 to $162 in April 2024, hitting the highest value of $170 in January 2024.

The market dynamics cannot fully be understood without considering volumes – both in terms of available properties and completed transactions. While these figures also demonstrate fluctuation, a peak in sales was witnessed in January 2024 with 5,528 properties sold, potentially spurred by seasonal buying patterns or favorable market conditions at that time.

As of April there were 834 properties listed for sale, with 4,824 of those having been sold in recent month.

Comparative Analysis of Month-Over-Month Metrics

From March 2024 to April 2024 we saw a 2% increase in average value from $239,900 to $245,450, and a corresponding 1% rise in per square foot value from $149 to $150. These incremental boosts further illustrate the market’s value appreciation over time.

In the context of sale prices, a closer look between February and April 2024 indicates a month-over-month uptick. April’s average sale price rounds up to $215,666, representing an approximate growth of 3% from February’s $209,652, although still not surpassing January’s high.

The number of properties for sale and those successfully purchased can also tell us much about the supply and demand forces at play. The property count has experienced minor swings, with April showing a slight decrease in inventory to 834 available properties from March’s 848. Interestingly, the number of properties sold also receded from 5,528 in January to 4,824 in April, a roughly 13% decrease in sales volume. This contraction could signal various market influences, including typical seasonal slowdowns or emerging buyer hesitation at higher price points.

As we consolidate these insights, the Louisville market seems resilient, with property values demonstrating consistent growth. Average values and per square foot costs grow steadily, indicating a seller’s market where homeowners could expect to leverage this appreciation in their favor. However, the fluctuations in the average sale price and the sold property count point to a more complex, ever-evolving market landscape that requires continuous monitoring for accurate forecasting and strategic decision-making.

Interpreting these statistics, it’s clear that the Louisville real estate market is robust, marked by gradual increases in property values juxtaposed with a complex and dynamic environment shaped by a variety of external influences. The consistency in property valuation increases underlines a healthy and attractive market for investors and homebuyers alike.

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