Buyer Must Know

The Louisville market is currently active, with median home prices around $255,000, up 8.5% from last year. Homes typically sell after about 32 days on the market, and it's currently a seller's market, meaning there are more buyers than available homes.

Budget carefully for additional costs. Closing costs in Kentucky typically range from $5,000 to $12,500 on a $250,000 home. Property taxes in Louisville are around 1.17% of your home's value, higher than both the national and state median.

Getting pre-approved for a mortgage is essential in Louisville's competitive market. If you put down less than 20% on your home, you'll likely need private mortgage insurance (PMI), which adds to your monthly costs.

Louisville has diverse neighborhoods, each with unique characteristics. Popular areas include Lake Forest and various established subdivisions. Each neighborhood has its own price points and amenities, so research thoroughly before deciding where to buy.

A thorough home inspection is crucial in Louisville, where homes range from historic properties to new construction. This helps identify potential issues with foundations, systems, and structure before purchase, especially important given Louisville's varied climate and housing stock.