Property for sale in Kentucky
Kentucky is a state in the Southeast of the United States, with Frankfort as its capital, bordered to the north with Ohio, Illinois and Indiana, to the south with Tennessee, to the east Virginia and to the west it is wet from the Missouri and east by the Appalachian mountain range. The largest city in the state, Louisville, hosts the Kentucky Derby, the famous horse race held at Churchill Downs.
Are you looking for property for sale in Kentucky and you would like information on the real estate market?
You have to know that after a record year in 2017, the Kentucky real estate market continued its strong sales rush and increased values in January.
Total sales of property for sale in Kentucky in January were the second highest ever recorded in January. Although home sales have declined slightly in the first month of the year, activity is still strong in many parts of the state and it is at historic highs, despite the suppressed inventory levels. This year should continue to see a good movement in the market and it will increase even more if the number of homes available for sale increases, especially through new construction.
Average prices of properties sold throughout Kentucky increased by 4.6 percent in January resulting in the highest average price.
The total lack of housing and its influence on higher house prices have changed sales activity in much of the United States last month. While the good news is that buyer traffic is even stronger than at the beginning of last year, sales at the national level did not follow the course and remained far behind last January. It is clear that too many markets are becoming less affordable right now and are in desperate need of new inventories to ease the rapid rise in prices.
In Kentucky, however, accessibility is less problematic than in many parts of the country. In the three largest metropolitan areas, Louisville, Lexington and northern Kentucky, average house prices were still 30-35% lower than the United States as a whole.
The market of property for sale in Kentucky will become more competitive with changing weather, buyers continue to look for property for sale in Kentucky and the promise of higher interest rates remains on the horizon. Who plans to buy a property for sale in Kentucky this spring should get a mortgage shortly and, conversely, sellers who will quote their home in the spring or summer months should start preparations now so that it is ready to go when it arrives the moment of listing. With the economy in good shape, I predict that Kentucky properties will continue at a steady pace throughout the year.
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