LOUISVILLE, Ky. — Home prices are still trending up in the greater Louisville area, according to data released by the Greater Louisville Association of Realtors.
Despite higher list prices, the number of homes sold in greater Louisville in the second quarter of 2024 also rose compared to the same quarter a year ago. 2,676 homes sold this year compared to 2,623 in 2023.
The average sale price for the quarter was $319,428, up from $305,603 in the same quarter last year. Similarly, the average list price increased from $307,070 to $320,809.
Overall, the data suggests a "robust and competitive" market with sellers benefitting from higher prices, but there is still consistent buyer interest, according Hank Harris of Semonin Realtors.
The southern Indiana market saw an uptick in activity in the second quarter of 2024. New listings went from 1,911 a year ago to 2,144.
The average list price increased 8.2% to $290,451. The average sale price went up 4.9% to $270,980.
1,399 homes sold in the quarter, up 1.2% from 2023.
Those in the market for a new home could finally see some relief in the way of interest rate cuts.
The Federal Reserve has kept rates frozen all year, but that appears to be changing. According to NBC News, there's a 93.3% chance the Fed's target range is going to be lowered a quarter percentage point in September. Some traders believe interest rates could also be cut at the end of July.
Odds of a September rate cut were 70% a month ago, but another encouraging inflation report in June upped the chances.
