KY housing market grows in June with nearly 7,000 new listings, $1.6B in sales

(ABC 36 NEWS NOW via LEX NEWS) – Kentucky’s housing market showed continued growth in June, with nearly 7,000 new listings and sales volume topping $1.6 billion, according to Kentucky Realtors.

Kentucky Realtors President Ann Elizabeth Delahanty said the market is moving toward a more balanced state for both buyers and sellers.

“We have a very healthy environment right now that benefits both buyers and sellers,” Delahanty said.

The average home price rose to $290,000 in June as inventory continued to grow, giving buyers more homes to choose from than they have had in recent years.

“It’s a much more stable environment. Home sales were up in June, so that’s great news,” Delahanty said.

Across Kentucky, more homes are coming onto the market and buyers are starting to see a bigger selection. But even as inventory grows, affordability is still a big issue for families looking to move.

The average age of first-time homebuyers has reached an all-time high of 40, a sign that affordability challenges continue to weigh on the market.

“Affordability remains an issue in Kentucky. The average age of the first-time homebuyers is now 40, which is an all-time high,” Delahanty said.

Delahanty described the current 3.88 months of supply as a significant improvement over the 1 to 2 months of supply the market previously experienced.

“I’m calling it a more healthy environment because it is becoming more stabilized and more balanced. When we only had 1 to 2 months of supply, that was just not enough for the demand. So the good news is 3.88 is looking better and giving those buyers more options,” Delahanty said.

Despite the growing inventory, homes are not sitting on the market for long. The typical home sold in just 15 days in June.

Delahanty urged prospective buyers to prepare before entering the market.

“So buyers just be ready, be pre-approved, work with your trusted realtor, and be ready to purchase your home,” Delahanty said.