Local insights for better decisions.
Annual house price appreciation slowed to 2.2% in February 2023, reflecting an overall cooling trend in the US housing market, according to HousingIQ’s House Price Appreciation Indicator (HPAI).
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So, what’s going on with house prices?
As of March 11, 2023, as the data trickles in, we know the following:
Expert commentary about the housing market runs the gamut–crash, correction, drop, worsening decline, unlikely to crash, and don’t worry.
For the rest of us, as we wade through the tail end of the pandemic, witness gravity-defying labor markets, experience inflation rates not seen in four decades, and see unprecedented interest rate hikes, some clarity about the housing market would be helpful.
Perhaps, even about our local market?
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Seventy-three percent of Kentucky REALTORS® expect sellers to drop their asking price, while eighty-nine percent expect houses to stay on the market for longer, according to the July 2022 edition of the HousingIQ Survey of Kentucky REALTORS®.
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Sixty-nine percent of Kentucky REALTORS® expect sellers to drop their asking price, while eighty-five percent expect houses to stay on the market for longer, according to the June 2022 edition of the HousingIQ Survey of Kentucky REALTORS®.
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Thirty-eight percent of Kentucky REALTORS® expect house prices to fall, while seventy-seven percent expect houses to stay on the market for longer, according to the May 2022 edition of the HousingIQ Survey of Kentucky REALTORS®.
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Forty-three percent of Kentucky REALTORS® expect more sellers to reduce their asking price, while fifty-eight percent expect a house to stay on the market for longer, according to the April 2022 edition of the HousingIQ Survey of Kentucky REALTORS®.
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Hopeful homeowners who are already struggling with low inventory and higher prices must now confront an additional challenge: investors.
Real estate professionals are noting investor interest in homebuying has been on an upward trend for months. According to the numbers tracked by the HousingIQ Survey of Kentucky REALTORS®, 31% of the respondents in the January survey said investors had outbid their individual buyers. By the February survey, 42% of the respondents reported the occurrence. By March, responses indicated an 18-point jump since the beginning of the year, with 49% of the respondents saying that investors had squeezed out individual buyers.
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Forty-eight percent of Kentucky REALTORS® expect houses to stay on the market for longer, while thirty-three percent anticipate less foot traffic, according to the March 2022 edition of the HousingIQ Survey of Kentucky REALTORS®.
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Thirty-four percent of Kentucky REALTORS® say more houses will sell above the asking price, while thirty percent anticipate an increase in foot traffic, according to the February 2022 edition of the HousingIQ Survey of Kentucky REALTORS®.
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