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NKY Real Estate: Prices Up, Sales Down in October

Northern Kentucky real estate prices climbed in October compared to the same month last year, but the number of sales is down.
 
The Northern Kentucky Association of Realtors and the Northern Kentucky Multiple Listing Service reported that home sales were down 19.31% in October 2021 when compared to October 2020.
 
Prices, however, are up.
 
The average sale price in October of this year was up 14.4% compared to the same month last year, an increase to $268,380 from $234,603 in 2020.
 
The realtor organization cited the low inventory of homes for sale for the drop in sales volume.
 
"Year to date through October, sellers are still reaping the rewards of having a market ready home, exciting buyers who have been waiting for that perfect dream home to become available," the Northern Kentucky Association of Realtors said in a news release.
 
The organization said that there may be "a seasonal cooling down period", typical of winter, but there would still be stiff competition for the limited number of properties available.
 
But prices are up and sales volume is down at this point in the year when compared to the same period last year.
 
Through October 2021, 6,464  residential properties have been sold in Northern Kentucky this year, down from 6,525 during the same period last year. The average sale price in 2021 is $259,704, up from $227,135 last year.
 
Properties are also selling faster this year, spending an average of 19 days on the market in 2021, compared to 29 days in 2020.
 
-Staff report