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Louisville Real Estate Trends When compared to Rest of the Country

Beginning with home sales on the national basis, sales of existing homes are up 36 percent as of November 2009 (the newest real estate figures available) using their lowest reason for January 2009. Home sales in Louisville are up a more modest 17.4 % within the same period. You need to note, however, that although Louisville's real estate market had suffered setbacks in line with many other areas of the country, these setbacks were mostly not as deep or severe. This puts Louisville's realty market recovery in a much more favorable and accurate light.

Median sales prices are another barometer of the local and national housing market that real estate professionals and economists use to find out property trends. Nationally, median selling prices of existing single-family homes are down 4.3 percent year-over-year from the previous November with an average selling price of $171,900. The median selling price of Louisville properties for sale expires 1.1 percent or $1,350 to $126,750. Again, Louisville's gains are modest however with so many housing markets across the country reeling from the housing crisis, Louisville real estate is outperforming many other markets, at least for now.

Another essential indicator of a market's health is the quantity of foreclosures. Foreclosures negatively impact housing values and make up a host of other problems and some neighborhoods across the country have whole streets with abandoned homes with just one or two occupied. Nationally, this news on foreclosures is grim with another wave of foreclosures expected in mid-2010 as another round of adjustable-rate mortgage rate increases arrives. Within the third quarter of 2009, foreclosure filings, including bank repossessions, default notices and scheduled auctions, rose 5 percent in the second quarter to 937,840 properties repossessed. This increase in foreclosures was up a very discouraging 23 percent from the third quarter in 2008.

Louisville real estate for sale

Louisville foreclosures aren't as dire because the rest of the country, but nonetheless a significant problem for homeowners, lenders and others. In the latest report available, the Louisville real estate market suffered 1,496 foreclosures from September to November 2009. That's still a really high figure for the Louisville metropolitan area; however, compared to comparably sized cities across the nation, Louisville is faring much better than most. Area of the reason for this really is Louisville property values didn't escalate as steeply within the previous years as many other markets around the country did, so when they fell, they did not fall as hard.

Overall, the market isn't great, but very few markets across the nation are at the moment. Louisville real estate prices have stabilized for now and therefore are showing modest appreciation. Whether the Louisville realty market will continue to enhance within the coming year is difficult to forecast for now, but some Louisville insiders are certain that it'll.