Is Fayette County Kentucky moving to a seller’s market?

The latest Rector Hayden housing market report shows that homes priced below $450,000 are continuing to move towards a seller’s market.  There are three price ranges with over six months inventory and three with under six months inventory.  There are an additional six price ranges under $350,000 with  exactly six months inventory.  This is quite a change from a year ago when homes priced over $250,000 were mostly in the nine to twelve months inventory category.

Housing inventory in Fayette County continues to shift to a seller's market.

Several price ranges in the latest market report for Fayette County Kentucky show a continued move toward a seller’s market.

Total inventory of homes for sale in Fayette County Kentucky is now six months.  There is still a very strong buyer’s market for home in Fayette County that are priced above $450,000.  There are 15 months inventory of homes priced between $500,000 and  $549,999.  There are 26 months of inventory for homes between $800,000 and $999, 999.

What does this change mean for sellers and buyers?

If we continue to see movement toward a seller’s market in most of Fayette County it should mean higher prices.  This is good for seller’s who are moving to a lower priced home but not so good for those who want to move up.  As prices increase the buyer who has a home to sell will lose money as they move up.  If your $100,000 home increases in value ten percent you will have a gain of $10,000.  However if you want to move up to a $150,000 home that home will increase in value $15,000.  So really you have lost a net $5,000 when prices increase 10 percent.  It is just the opposite if prices are decreasing.  So moving up to a nicer home is better financially when prices are decreasing.  Conversely moving down to a smaller house is a financial gain for sellers when prices are increasing.   So if you have been waiting for prices to increase before downsizing this may be a good time to sell.  Give me a call at 859 684 5890.

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