Home sales hit a home run in South Central Kentucky as sales have reached a huge milestone. Over half a billion dollars in total sales volume. Residential home sales for the month of August topped out at $74.1 million, a 14.5% increase from August 2020. The average residential sales price in August for the area is $238,284, up 14.5% compared to last year. Additionally, homes are selling faster, from the listing date to the closing date the average home sold in just 74 days, a 33-day decrease from August of last year. The number of active listings is continuing to rise. As of August 31st, there were 497 active homes on the market, up 15% from July of this year and up 37% from June’s market statics.
“The market is getting stronger with more houses on the market. It is also a great market for both buyers and sellers,” said REALTOR® Association of Southern Kentucky President Kenny Cravens. “Interest rates are at an all-time low, so your money goes further. Additionally, sellers are getting top dollar for their home.” Even with a steady increase in housing inventory, more homes are needed on the market to meet demand. Compared to last year active listings are down 19.3% and down 54% compared to August of 2019. Both 2020 and 2019 were still considered seller’s markets.