Local housing inventory continues to grow

BOWLING GREEN, Ky. – For the second month in a row the active housing inventory in south-central Kentucky has exceeded the previous month’s active listings. As of July 31, there were 423 active residential listings. This is up 17 percent from the end of June, and up 35 percent from May of this year.

Residential sales volume continues to stay strong with July netting $78.1 million, the second-highest sales month recorded. So far this year home purchases have added just under half a billion dollars to the local economy.  Additionally, homes are selling faster as the average days on the market fell to 78 days, compared to 82 days in June of this year and 102 days in July of 2020. The average price for a home came in at $241,145.

“As state and national numbers hint at a cooling housing market, our local sales statistics continue to be steadier and more robust,” said REALTOR® Association of Southern Kentucky, president Kenny Cravens.  “We are excited that active listings are rising slightly, but the buyer demand in our area shows that we still need more and more listings.”

Even though active listings are on the rise, compared to the pre-pandemic market, active listings are still down 59 percent.  There were 1,043 active listings in south-central Kentucky at the end of July 2019. At that time, the market was considered a sellers’ market, which reinforces the inventory crunch our market is in.