If you’re interested in the Kentucky real estate market, you’re not alone. Kentucky has seen record-breaking house price growth over the past few years, owing to a booming economy and proximity to white-hot markets like Cincinnati.
Real estate in Kentucky is going through a number of changes, with trends indicating a strong market for buyers and sellers alike.
If you’re interested in the trends that are driving Kentucky real estate, we’ve got you covered. Read on to find out the essential Kentucky real estate facts you need to know, whether you are a buyer or a seller.
- Median Kentucky Home Prices
Whether you’re looking to buy Kentucky real estate or sell, it’s worth knowing how much you can expect to pay. House prices have, on average, grown significantly in Kentucky over the past decade. The statewide median is now $147,300.
As recently as 2011, the median price was a mere $110,000, meaning that house prices have risen by a staggering 33% in just 9 years. Virtually all markets have seen price growth in Kentucky, some more than others.
- Some Markets Are Growing Faster Than Others
As mentioned, some markets in the state of Kentucky has seen faster and higher price growth than others. This means that you can expect a wide disparity in prices across the state, depending on where you are looking.
The most expensive real estate markets in Kentucky include Louisville, Douglas Hills, and Middletown, where you can expect to pay closer to $200,000 for a home. Meanwhile, cheaper markets such as Monticello and Williamsburg have homes that typically range between $100,000 to $120,000.
- You Can Sell Kentucky Real Estate Fast
If you’re looking to sell Kentucky real estate, you’re in luck. The median time it takes to sell a home, from listing to foreclosure, is around 73 days. This is considerably lower than many other states, including real estate powerhouses like New York state, where the average time to sell a house is a whopping 182 days.
What’s more, you can even sell your house instantly, thanks to this Kentucky cash for houses company, which will offer you a strong price for your home and pay upfront. If one thing sells fast in Kentucky, it’s housing.
- Tornado Insurance is Essential in Kentucky
While Kentucky real estate law does not actually mandate than homeowners purchases tornado insurance, it is highly recommended. Kentucky sees some of the most active tornado seasons in North America.
While it is statistically unlikely that your house will be damaged by a tornado, it is crucial to be prepared for the worst. Always take out comprehensive tornado insurance when buying a home in Kentucky.
- Prices Will Rise in the Long-Term
Finally, it is important to note that the long-term growth prospects for the state remain strong. While house prices growth has dipped due to the recent economic crisis, it is widely expected that prices will continue to surge in 2021.
That means that now may be the best time to invest in real estate in Kentucky.
Design Tips for Your Kentucky Home
If you’re looking to sell your Kentucky real estate, having a well-designed home will ensure that it sells faster.
If you want design tips that will instantly add some curb appeal to your Kentucky home, we have you covered. Make sure to check out our Houses guides for design inspiration and advice today.