Market Insights: October 2022

Home Sales

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

507

Represents number of homes sold
in Northern Kentucky though October 2022

-18%
since one year ago
-16%
since last month

Home Price

Home prices increased from last year and increased from last month

$299 k

Average home price for
Northern Kentucky

11%
since one year ago
11%
since last month

Inventory

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

1.6 mo.

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

4%
since one year ago
2%
since last month

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Home Sales

There were 507 homes sold in the month of October. The pace of sales decreased -16% below last month's sales pace, but was still -18% below the same month of the previous year. Home sales are down primarily due to a declining inventory. If you are thinking about selling, doing so prior to the Spring market might be advantageous as inventory levels typically rise causing less demand among purchasers.

Chart.

Home Prices

Home prices increased on a month-to-month basis in October, increasing 11% to an average sales price of $299,000. Year-over-year prices increased 11%. 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 increased 4% compared to the same month of the previous year, with 826 homes available for sale in October. This translated to 2 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 and prices. However with interest rates expected to rise in 2019 we could see a gradual plateau in appreciating values.

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