After a record-breaking year in 2015, home sales in Kentucky set new highs in 2016.
The number of homes sold totaled 52,123 in 2016, according to the Kentucky Association of Realtors. That number was an 8 percent increase over the 48,259 sold in 2015.
A news release from the organization stated that in November and December, home sales hit new records by surpassing the 4,000-unit threshold, with 4,088 and 4,131 homes sold, respectively.
Home prices in the state increased to a median of $122,125 for the year, the highest annual median price recorded in the state, the association reported.
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Total volume of all homes sold in Kentucky broke the $9 million mark for the first time in 2016, with $9.17 billion in sales. This surpassed the $8.21 billion sold in 2015.
“2016 was a unique year for real estate in Kentucky,” said Mike Becker, 2017 president of the association. “Low inventory was an issue in just about every region of the state, but with low interest rates and a continuous demand from qualified buyers, homes didn’t stay on the market long if they were priced appropriately.”