Market Insights: June 2023

Home Sales

Home sales decreased year-over-year and increased from last month

568

Represents number of homes sold
in Northern Kentucky though June 2023

-17%
since one year ago
12%
since last month

Home Price

Home prices increased from last year and decreased from last month

$306 k

Average home price for
Northern Kentucky

5%
since one year ago
-3%
since last month

Inventory

Active listings on the market decreased from last year increased since last month

1.2 mo.

This number represents the Months of
Inventory Based Upon Closed Sales.

-3%
since one year ago
6%
since last month

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Home Sales

There were 568 homes sold in the month of June. The pace of sales increased 12% above last month's sales pace, but was still -17% below the same month of the previous year. Home sales are up desipte interest rates that were rising earlier in the year. If you are thinking about selling, doing so prior to the Summer market might be advantageous as inventory levels typically rise causing less demand among purchasers.

Chart.

Home Prices

Home prices declined on a month-to-month basis in June, dropping -3% to an average sales price of $306,000. Year-over-year prices increased 5%. The deceleration in home price growth reflects improving inventories and provides buyers who experienced tight supply for much of the year with more inventory to select from

Chart.

Inventory - Months Supply

The number of homes available decreased -3% compared to the same month of the previous year, with 685 homes available for sale in June. This translated to 1 months supply of active listings based upon closed sales. Inventory levels are low from this time last year which can cause an increase in home sales. However with interest rates expected to rise in 2023 we could see a gradual plateau in appreciating values with increased inventory for the later half of 2023

Chart.

Market statistics are the best way to identify the health of a local economy.

Real Estate market statistics are extremely important if you are considering buying, selling or purchasing long-term real estate investment. More importantly local statistics that are specific to our community provide a snapshot that will benefit you as you move forward with your decision.

In the Northern Kentucky area, local statistics often contradict national trends, so it is a good idea to rely on these instead of national news media to determine future trends locally.

We hope you have found this information useful. If you would like to see different data please let us know. In the meantime did you know you can search other real estate sales statistics by city on this site? See here