Louisville homes for sale during 2020 was an interesting tale of twists, turns, and quite frankly – took the real estate market by surprise.
The stats from GLAR (Greater Louisville Association of Realtors) gives us a glimpse and statistics show positivity and growth-not what we realtors were expecting after the lockdowns were announced back in March. The YTY data shows that home prices increased, days on market decreased, and actually the number of homes sold increased. These were all positive signs that the market was strong and hopefully will continue. A strong housing market is a healthy indicator of a healthy economy. Although, we anticipate rates and inventory may stay low.
Several factors contribute to this good news (something we all need a little more of these days). The biggest factor was the interest rates. Rates hovered at or below 3% during much of 2020 and this helped fuel a buyer-driven market. Another big factor was that the lockdowns gave folks more time to spend Googling things like “Louisville houses for sale” and that piqued interests, stemming from boredom to “maybe we should move instead of re-modeling” notions. And the other driving factor for the surge in houses for sale was the trend to move from the city to the country. In fact, even in our office, 50% of our buyer force in 2020 were buyers moving from urban to country living to “get away”. From closer proximity to others, fresh air and open spaces, this was the trend for folks this past year.
Quite honestly-if this trend continues-sellers can be confident there will be several buyers for their single family homes (it may take a bit longer if you own a condo), buyers can be confident they will get a fantastic interest rate (it may take a while to find that Louisville house for sale) and together this will make for another strong housing market-an indicator of health for both the economy and the human spirit. And I believe we all need some healthy indicators as we begin 2021. If you’ve been bored and Googling what you should do with the future of your home in 2021, give the team at Rick Shaw Realtors a call and let us help you with your housing needs!
-written by Angie Pryor