Louisville, KY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Louisville, KY Housing Market Trends

With 617,638 people, 248,404 houses or apartments, and a median cost of homes of $170,721, Louisville real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Louisville, accounting for 64.36% of the city's housing units. Other types of housing that are prevalent in Louisville include large apartment complexes or high rise apartments ( 19.51%), duplexes, homes converted to apartments or other small apartment buildings ( 10.63%), and a few row houses and other attached homes ( 3.98%).

The most prevalent building size and type in Louisville are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.68% owning and 41.32% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Louisville's housing was primarily built during this period, from the '40s through the '60s. A full 36.00% of the city's housing hails from this era. Other housing ages represented in Louisville include homes built between 1970-1999 ( 31.35%) and housing constructed before 1939 ( 17.36%). There's also some housing in Louisville built between 2000 and later ( 15.29%).

Vacant housing appears to be an issue in Louisville. Fully 10.36% of the housing stock is classified as vacant. Left unchecked, vacant Louisville homes and apartments can be a drag on the real estate market, holding Louisville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Louisville Home Appreciation Rates

Appreciation rates for homes in Louisville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 33.18%, which ranks in the top 50% nationwide. This equates to an annual average Louisville house appreciation rate of 2.91%.

NeighborhoodScout's data show that during the latest twelve months, Louisville's appreciation rate, at 5.37%, has been at or slightly above the national average. In the latest quarter, Louisville's appreciation rate has been 2.10%, which annualizes to a rate of 8.69%.

Relative to Kentucky, our data show that Louisville's latest annual appreciation rate is higher than 70% of the other cities and towns in Kentucky.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Louisville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Louisville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Louisville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$170,721

Louisville, KY HOME PRICES

> $1,179,000
0.7%
0.7%
$884,001 - $1,179,000
0.8%
0.8%
$589,001 - $884,000
2.9%
2.9%
$472,001 - $589,000
3.3%
3.3%
$354,001 - $472,000
6.7%
6.7%
$236,001 - $354,000
15.4%
15.4%
$118,001 - $236,000
42.0%
42.0%
$59,001 - $118,000
20.7%
20.7%
$0 - $59,000
7.4%
7.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for KY

Value Relative To Nation

Number Of Homes And Apartments:
248,404

Louisville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
59.25% 2.24%
5
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,186 / per month

Homeownership Rate

Owners
58.7%
58.7%
Renters
41.3%
41.3%
Vacant
10.4%
10.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.3%
15.3%
1970 - 1999
31.4%
31.4%
1940 - 1969
36.0%
36.0%
1939 or Older
17.4%
17.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.4%
64.4%
Townhomes
4.0%
4.0%
Small Apt. Buildings
10.6%
10.6%
Apt. Complexes
19.5%
19.5%
Mobile Homes
1.5%
1.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
13.0%
13.0%
2 Bedrooms
29.1%
29.1%
3 Bedrooms
37.0%
37.0%
4 Bedrooms
14.7%
14.7%
5 or more bedrooms
3.9%
3.9%
0.0% 100.0%
% OF HOMES