2017 set the bar as the year to beat for home sales in the Commonwealth. With booming economic growth seen in the U.S. over the past eighteen months, it didn’t take long to top those marks set just two years ago. The closed listings level topped 50,000 homes sold for the first time in Kentucky history. December sales that topped the 2018 mark by almost 13% pushed 2019 Kentucky home sales to 50,891. This crested over the previous record (49,574 in 2017) by 2.5%. Steadily increasing prices due to rising demand ushered the total sales volume mark into record territory as well. $10.4 billion in residential real estate changed hands in 2019.
Kentucky metro area house prices are forecasted to underperform the national market. Current local conditions support an estimated 5.7% increase in the next twelve months. Kentucky’s housing market vitality, based on the nine metro housing markets which comprise it, is weaker than that of the overall U.S. and currently ranks the state as forty-second in the nation. Recent changes in local conditions suggest the possibility of moderation in short-term performance.
Click the header above or the graph below to view the entire Housing Market Vitality Report for December 2019.