Here’s what’s happening in the Louisville and Southern Indiana market.
Over the last month, very little has changed in Louisville and Southern Indiana real estate. In other words, we’re still in an incredibly strong seller’s market. Normally, there are around 3,000 to 4,000 homes on the market in Louisville alone; currently, there are only around 1,200. The number of new listings was down by 1.5% last month, while the number of active listings was down 12.5%. However, the number of pending listings is up 6.5%, and the number of sold listings is up 16.9%.
Essentially, there are far more homebuyers than there are homes to purchase. The problem is even worse in other parts of the country. It’s led many homebuyers to do anything they can to make their offers stand out against the competition. Because of the ongoing demand, most forecasters believe prices will rise by an average of 8.2% before the end of 2021. Rent costs are continuing to skyrocket as well.
The market will remain hot due to a lack of inventory, but it’s still possible for buyers to find the home of their dreams. My clients Chris and Mary made someone a happy new homeowner, as we recently helped them sell their house for more than $810,000. It was only on the market for a few hours before the offers began rolling in. They wanted to list at $750,000, but I suggested they list at $800,000, so we settled on $775,000 as a compromise.
We did plenty of videography and photography to market the home and showcase everything it had to offer. Once we went through the many offers we received and chose the best one, we then started the closing process. After seeing everything we could do for them as sellers, Chris and Mary are excited to work with us when they decide to buy a home.
If you have any questions or would like to talk about buying or selling a home, feel free to reach out to us. We look forward to hearing from you soon.