Kentucky homes with sold sign
LEXINGTON, Ky. – Following a profound lull sparked by the abrupt outbreak of COVID-19 in 2020, the Kentucky housing market has remarkably managed to bounce back, hitting an all-time high in home sales since 2020. This resounding surge has brought a much-needed breath of fresh air to the real estate sector, inspiring confidence among both property sellers and prospective home buyers.
Struggling under the weight of high rates in December 2020 and January 2021, the market has since seen a marked decrease in these numbers, according to Cynthia Trgo, a seasoned real estate agent with the Bluegrass Home Group. “Overall, it’s going to be a really good year for real estate—probably higher than last year,” Cynthia remarked optimistically.
As outlined in an annual report from Bluegrass Realtors, the median price for a domicile in Kentucky has settled at an enticing $250,000. Remarkably, Kentucky has documented a robust 5% swell in its housing inventory compared to 2023, with properties average of only 48 days listed before being purchased. Despite a 10% drop in single-family homes sales numbering only 711, townhomes and condos have ridden a different wave entirely. Astonishingly, this sector’s sales shot up by 30%, marking the third successive month of annual gains.
From an expert’s perspective, the housing market in Kentucky is uniquely positioned. Trgo insightfully points out that “We are not a high market, and we are not the lowest market, so we are just purely stable with where we’re sitting as a state compared to other states.” This element of stability, regardless of national trends, makes Kentucky an ideal investment hub.
Even amidst the current volatile economic climate, Kentucky stands tall as a secure market to invest in, largely immune to nationwide market fluctuations. Trgo confidently states that “Even if there’s a national drop, it doesn’t affect our state’s numbers.” This serves as an encouraging message to prospective investors and homebuyers looking to navigate the relatively calm Kentucky real estate waters.
Trgo has one key piece of advice for prospective home buyers: “Figure out what your budget is, and always be in a position to make a move if a house comes up that you love and you’re able to just go in and make an offer right away.” She staunchly believes that hiring a lender could prove to be the greatest asset for home buyers looking to make a major move in Kentucky’s burgeoning real estate market.
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