Home sales in Greater Louisville declined for the fourteenth consecutive month in February, according to the most recent data from the Greater Louisville Association of Realtors.
That’s as inventory remains historically low.
Total existing home sales, including single-family homes, condominiums and townhomes, decreased 20.6% from 1,172 in February 2022 to 931 in February 2023.
We don’t have data for March yet as it’s just now coming to a close. But we do have our weekly snapshot of the luxury home market in the gallery below.
This week’s gallery features five homes, specifically for the period of March 8 through March 14. And I’ve ordered them from the “cheapest” to most expensive for the week.
Four of the five sold for greater than $1 million. That’s after we’d seen some lower values in this weekly gallery during the winter months. Check out the homes below.
Like always, I’m only looking at single-family homes in this gallery. In order to ensure an apples-to-apples comparison, I left off vacant lot sales, multi-home purchases, apartment complexes and duplexes.
More residential real estate news
For more local real estate news check out this story from Reporter Eleanor Tolbert about Fischer Homes making continued investments in the Louisville market.
Fischer Homes, based in Erlanger, Kentucky, sold 370 homes in the Louisville market in 2022. As the Greater Louisville region has been named the nation’s third-best housing market in 2023 by Realtor.com, Fischer Homes is well-positioned to meet the growing demand, the company said in a news release.
“We were attracted to the Louisville market for the same reasons being cited by Realtor.com,” said Greg LePera, Fischer Homes’ Louisville market president, in the release. “It is a welcoming community with a strong, stable economy that allows us to offer stylish new homes that buyers can afford.”
If you’re more interested in national trends, this headline really stopped me in my tracks: Baby boomers overtake millennials as prime homebuying generation.
That headline carries a lot of implications about wages, interest rates and so on, none of which I would image can be taken as a good sign for the overall health of the economy.
As our real estate editor Ashley Fahey writes, millennials are no longer the top generation buying homes, as a rapid increase in mortgage rates and other factors have sidelined a lot of first-time buyers since last spring and summer.
The National Association of Realtors this week released its latest demographic report, finding baby boomers, ages 58 to 76, last year made up 39% of homebuyers, an increase from 29% in 2021. Millennials, who are now 24 to 42 years old, had been the dominant homebuying generation prior to 2022 but last year made up 28% of homebuyers, quite a decline from the 43% observed in 2021.
