Kentucky Realtors recently released housing market data for September 2023 showing the total volume of real estate sold in the Commonwealth for the month was 1.11 billion dollars.
Data shows that housing sales are down month-over-month from August, however, Kentucky Realtors experts share that home sales in the fall and winter months home are typically lower than in the late spring and summer months.
Complete market details for Kentucky in September include:
• Total sales volume: $1.11B, down 15.8% year-over-year (YoY), Down 17.2% month-over-month (MoM)
• Total number of listings sold: 3,871. Down 19.8% YoY, Down 14% MoM
• Median sales price: $248,000, up 5.5% YoY, Down .8% MoM
• Days on the market: 18, Down one day YoY
• New listings: 5,231, Up 4% YoY, Down 7.5% MoM
There were more listings on the market in September 2023 than in September 2022 allowing more homes for prospective buyers to purchase. Data also shows that the seasonal softening of home sales from August to September can present buyers with a unique opportunity as home prices were down .8% from August to September 2023.
According to a release from the National Association of Realtors (NAR), the average 30-year fixed mortgage rate is 6.9% for 2023, the highest mortgage rates in 20 years; however, NAR estimates that rates will begin to drop in 2024.
Even with high-interest rates on mortgages, homeownership is still possible said KentuckyRealtors President Elizabeth Monarch.
“Regardless of the rates, there are still homes on the market that are ready for buyers to purchase,” Monarch said. “Buyers are saying that regardless of the rate they can buy the rate down or purchase now and refinance in the next 2-3 years when rates are more favorable.”
With an average of 18 days on the market (down from 19 days in September 2022) demand for homes continues to be strong throughout the Commonwealth.
“It is more important now than ever for buyers to work with a Realtor,” said Kentucky Realtors CEO Josh Summers. “Realtors are provided with training, resources and support to better serve their clients and navigate the real estate market.”
Data sourced and aggregated from participating Kentucky Realtors member board content as taken on Ocotber 23. Data is subject to revision.
