Kentucky Home Prices Up Despite Inventory Shortage
The sun shines bright on both old and new Kentucky homes, with prices on the rise despite lower sales due to limited inventory.
According to data from Kentucky Realtors, the median price for a home in the Bluegrass State rose 5 percent year-over-year to $119,523 in February compared to $113,833 one year earlier. However, the number of homes sold fell by two percent, from 3,194 in February 2017 to 3,132 in 2018; this marks the third straight February with a decline. For the first two months of the year, however, homes sold were down only a total of 89.
Nationally, Kentucky’s median home price was significantly lower than February’s national median home sales price of $241,700. And the state was also out of step with the national average of a three percent sales increase in February.
“We are in an environment where more people are wanting to enter the market to purchase,” said Steve Cline, 2018 President of the Kentucky Relators. “Due to the lack of supply and affordability within the state, homes priced right are being snapped up quickly leaving qualified buyers in multiple offer situations and competing for the same property.”