NKY Real Estate: Prices Continue to Rise, Listings Still Shrinking
The number of homes sold in Northern Kentucky in June was down compared to June of last year, but overall, year over year, sales are still up and the local housing market is still strong, according to numbers released last week by the Northern Kentucky Association of Realtors (NKAR).
There were 720 residential units sold last month, compared to 762 in the same month last year, a drop of 5.51% year over year.
However, during the first six months of this year, home sales are outpacing last year at the same point by more than 8%, 3,632 to 3,359.
The average sale price is also up in both metrics: in June 2021, the average sale price was $281,751, an increase of 21.84% compared to the same month last year when the average sale price was $231,249.
Year over year, local residential housing prices are up 16.68%, averaging $255,250 this year so far, compared to $218,762 at this point last year.
Listings are also going under contract quickly still, averaging just twelve days on the market, a record according to NKAR.
In June, agents entered 874 new listings, the highest number this year but far down from what had been typical in recent years. In June of 2016, there were nearly 2,000 properties listed. In June 2019, there were 1,196 listings. Last year at this time, there were 645 active listings.
There are currently just 634 listings on the residential market in Northern Kentucky.