Kentucky Real Estate Market: When will My Home Value Return?

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Kentucky Real Estate Market: When will Home Values Return?

Kentucky may not have experienced the full power of the last housing boom, but it also hasn’t experienced the resulting housing bust. In other words, if you live in Kentucky, you’re thankful for flying under the radar – both during the housing boom and the housing bust.

Consistent Home Values Spell Success

As a result, Kentucky enjoys an incredibly low foreclosure rate. In fact, just 1.15 percent of Kentucky’s homes are in foreclosure; which is less than half the national average. These impressive numbers are undoubtedly a result of Kentucky’s ability to avoid the dramatic housing collapse of the past few years.

A fine example of dependable Kentucky is the Fiserv Case-Shiller Index: home values are predicted to return to this area of the country by the fourth quarter of 2012. If you don’t think that’s impressive, consider that areas like Florida will not see home values return until 2025.

Take Lexington, for example. Sales in this area of Kentucky were up 3 percent from a year ago in July. While the numbers may not beat Wall Street, they definitely show the steady growth for which Kentucky has been known.

In fact, many parts of the country saw home values rise nearly 60 percent during the housing boom, while Lexington home value increases remained quite stable at 3 percent. Subsequently, Kentucky has not seen a surge in foreclosures.

Kentucky’s Low Unemployment Rate

June marked a 16-month low for the Kentucky unemployment rate. In fact, the unemployment rate fell to 10 percent. Kentucky added jobs during this time, which is the second-straight month of improvements for the state.

Kentucky added 6,200 jobs in June; much of the growth was credited to the thriving manufacturing sector. Although the manufacturing sector was the hardest hit during the recession, it has shown its resilience by adding 4,800 jobs over the last year. Other sectors to show improvement include educational and health services, as well as construction, transportation and utilities.

Although the Kentucky real estate market has softened over the last couple months as a result of the April 30 tax credit deadline, it still remains strong.

In conclusion, Kentucky has maintained its job force and kept a slow, yet steady, appreciation for home values, thereby ensuring that this state and your home’s value are poised for a quick rebound.


10 Largest Cities in Kentucky

1. Lexington-Fayette 260,512   6. Hopkinsville 30,089
2. Louisville 256,231 7. Frankfort 27,741
3. Owensboro 54,067 8. Henderson 27,373
4. Bowling Green 49,296 9. Richmond 27,152
5. Covington 43,370 10. Jeffersontown 26,633

 

 

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