record home sales in kentucky: here's why it's a great time to buy

Kentucky is always a great place to live. There’s no question there.

The landscape is absolutely stunning and diverse, we enjoy four wonderfully distinct seasons and the people are just friendly, welcoming folk.

But, now is an especially great time to buy or sell a home in Kentucky - the market is primed! Home sales are at a record level despite the current economic climate. Here’s why it’s never been a better time to sell a home in Kentucky - or buy one for that matter!

Why it’s a Great Time for Kentucky Home Sellers

Low Inventory = Big Time Demand

Things are looking pretty great for home owners and wannabe home owners for sure, but it's definitely a sellers market out there.

The Kentucky homes sales market is on fire, with no signs of letting up anytime soon!

Record low inventory levels have caused real estate sales to spike dramatically in the last few months. Inventory levels are down a full 47% compared to last year. Demand is currently outpacing supply by a pretty wide margin, causing a sharp uptick in property values.

This is naturally great for Kentucky home sellers, as they can comfortably ask more for their property with less competition out there.

As an example, sales were up 14% year over year this past July, which marked the second consecutive month of growth.

New Construction on the Rise

New construction throughout Kentucky has seen the most impressive growth, with the highest totals so far in 2020.

With 142 sales - these figures are up 52% over the same time period last year. July accounts for the fifth consecutive month of year over year growth.

Why It’s a Great Time for Kentucky Home Buyers

Motivated Sellers Coming into the Fall

Coming into fall, the real estate market in Kentucky, much like anywhere else in the country begins to slow down. The fervour of the summer season selling has started to wane as working professionals get back to work and their children return to school.

While this is definitely not a year like any other, things are slowly returning to something resembling normalcy.

Traditionally Fall is the time of year that we see less homes on the market, but those sellers that are active tend to be more motivated to sell. Sellers that list their homes in the slower fall and winter seasons aren't doing so for any kind of financial gain.

Instead homes sold during this time period are more likely a result of necessity. The homeowner needs to move because of a new job or other lifestyle change.

Record Low Mortgage Rates

The median value of homes in Kentucky has gone up 14% since last year, up to $205,494. Now’s the time get on the home ownership bandwagan as its trending upward and the time has never been better.

As median home values are trending upwards, mortgage rates are at an all-time low, recently recording the lowest rates since rates started to be recorded in the 1970s.

You can get a 30-year fixed rate mortgage at 2.88%.

Kentucky is a very desirable place to live for several reasons, not least of all a low cost of living. This combined with affordable housing and a low mortgage rate should make your decision a no-brainer.

There you have it. Despite the challenges brought on by the global pandemic, Kentucky’s real estate market charges forward. These recent figures are proof that the local real estate market has surely bounce back after a brief slow down at the beginning of the month.

Whether you are a buyer or seller, Kentucky is a fantastic place to live and the timing really couldn’t better!

If you'd like help buying or selling real estate in the Lexington, KY area, please get in touch with Turf Town Properties online or call (859) 268-4663 or (888) 268-4664 to chat with an experienced, local Lexington, KY real estate professional.

Posted by Turf Town Properties on
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