Kentucky Housing Market: November 2024 Analysis
The Kentucky housing market in November 2024 presents a dynamic landscape with several key indicators showing notable changes compared to the previous year. The Median Sales Price for homes in Kentucky stands at $267,300, reflecting a modest year-over-year increase of 0.9%. Similarly, the Median List Price is $274,200, also up by 0.9% from last year. This stability in pricing suggests a balanced market, with sellers maintaining their pricing power despite broader economic conditions.
One of the most significant shifts is observed in the median Price Per Square Foot, which has surged by 13.5% to $176. This increase indicates a strong demand for housing, as buyers are willing to pay more per square foot than they did a year ago. The Median List Price per square foot has also risen by 8.3% to $165, further underscoring the upward pressure on property values.
In terms of sales activity, the number of Homes Sold in Kentucky has increased by 6.7% year-over-year, reaching a total of 3,433 homes. Pending Sales have seen an even more substantial rise of 9.5%, totaling 3,711. This uptick in sales activity suggests a robust demand for housing, with buyers actively engaging in the market.
However, New Listings have slightly decreased by 0.2%, with 3,722 homes entering the market. Despite this minor decline, the overall inventory has expanded by 11.7% to 11,147 homes, providing more options for prospective buyers. The Months of Supply, a critical measure of market balance, has increased by 10.0% to 3.2 months, indicating a shift towards a more balanced market compared to the previous year.
The Median Days on Market for homes in Kentucky is now 45 days, representing a 7.0% increase from last year. This suggests that homes are taking slightly longer to sell, possibly due to the increased inventory levels. The average sale to list ratio remains relatively stable at 97.4%, with a marginal year-over-year increase of 0.1%, indicating that homes are selling close to their asking prices.
Interestingly, the percentage of Homes Sold above list price has decreased by 0.5% to 18.2%, while the proportion of Price Drops has risen by 3.1% to 26.5%. These trends suggest that while demand remains strong, buyers are becoming more discerning, and sellers may need to adjust their expectations accordingly.
Finally, the percentage of homes going off the market within two weeks has decreased by 2.7% to 34.1%, indicating a slight slowdown in the pace at which homes are being snapped up by buyers. This could be attributed to the increased inventory and the longer Median Days on Market.
Overall, the Kentucky housing market in November 2024 exhibits a mix of stability and growth, with rising prices per square foot and increased sales activity. However, the expanding inventory and longer time on the market suggest a shift towards a more balanced market, providing opportunities for both buyers and sellers to navigate the evolving landscape.
