For several years now, the real estate market of the United States has been on the mend. Many Americans witnessed the reductions in the values of their homes, particularly during the recession. However, markets have started to rebound. There are even places whose prices reached an all-time high and one of them is Louisville in Kentucky.
Louisville, Kentucky has continued to make critical gains since 2015 in the real estate market. From the home prices to the appreciation rates, the numbers have been on the positive side, which makes Louisville a great city especially for those looking to sell their properties with Brandon Priest services.
The Louisville Real Estate Boom is Undeniable
Real estate in Louisville, specifically residential markets, has seen strong growth in its major sectors as well as in many areas in greater Louisville since 2015. Single-family homes remain hot but multifamily units are still considered as the best sellers. They attract investors from the local and international scenes.
In 2015, residential real estate prices actually hit a record and the trend continued in 2016. This year, 2017 has been kind once again to Louisville. In fact, many of the properties in the downtown area are selling fast. At the same time, easy-to-afford housing is available in some places, particularly for those who know where to look.
Currently, the average sales price for homes in Louisville is $164,000 and the price for every square foot is $123. Last year, the price per square foot was just $116. For those who are interested in renting, the median rent per month is $1,100. Rents did drop compared to last year but the sales are up. With the trends shown, Kentucky’s largest city indicates that it will continue to increase. It is expected that the median home sales will rise and add $400 more to the current value.
These numbers do reveal that Louisville is one of America’s best housing markets. Factors, including new housing construction, local economy, and home affordability continue to impact the city in a helpful manner. The first six months of the year did see some improvements in both job growth and unemployment.
The construction pace in the city also surpassed some of the places in the country, particularly during the first half of the year. This development will likely continue until next year.