We are proud to present you with this synopsis of the national, regional, and localized trends that matter most to you, found here in our Greater Louisville_2022 Annual Report.
MARKET OUTLOOK – NATIONAL LEVEL
With our Nest Annual Report, we aim to provide the most useful information possible, as every homeowner needs to keep tabs on their investment, and every potential shopper needs to be informed before embarking on such a major financial decision. Locally, we study neighborhoods, builders, and development trends, but on a national level, there are three trends that year-in and year-out are a fantastic indicator of the overall health of our national economy, and by extension, the housing market: Mortgage Rates, Consumer Confidence, and Unemployment Rates. Looking at these numbers allows us to make predictions of what we should expect to see in 2023—which is a more stable real estate market. Mortgage rates have increased more quickly than economists had predicted, but they still remain in an affordable range, historically speaking. And while consumer confidence is down entering 2023, it has been trending upward since June 2022. And finally, unemployment is running extraordinarily low, which points to potential real wage gains in the coming year, benefitting average consumers.
MARKET OUTLOOK – LOCAL LEVEL
What a year we have had in real estate! And due to an ongoing shortage of inventory, we are still leaning toward a sellers market throughout the Greater Louisville area. Interest rates rose in the last quarter of the year and slowed the market a little, but homes continue to rise in value and days on market are remaining low. In a balanced market, you need around five months of inventory, and we are currently still below a two month supply coming in to the new year.
With the rise in interest rates, buyers took a short pause to adjust after the last year of frantic buying. The great news is that buyers now have time to look at homes that truly match their wants, and are not forced to make offers over list price with little to no contingencies.
–Our mission at Nest Realty Greater Louisville is to inspire a positive and lasting impact with our agents, clients, and the real estate industry. At Nest, we are all about intentional and strategic growth. As of 2022, we have 451 Nest agents buying and selling throughout 23 offices in 17 locations, spanning seven states across the U.S. With each new office that opens, we are able to expand our reach, better serving you, our incredible clients.