Louisville Highlands homes for sale have seen some recent ups and downs in regards to median asking prices, but it might help to narrow down areas when we discuss the Highlands. Most areas I cover and report on are basically the same as one single zip code, such as Prospect and 40059. But the Highlands are different, with both 40204 and 40205 claiming to be part of the Highlands. And to make it even more difficult, 40204 contains both some of the most expensive homes in the city, along Cherokee Parkway, as well as some of the least expensive homes, such as Germantown.
In the graph above, I have mapped out the median asking prices of the Louisville Highlands real estate market, both in 40204 (black) and 40205 (gold). As expected, the median asking prices of homes for sale in 40204 is quite a bit more volatile than 40205. Part of that is due to the fact that many of the homes that are active in that zip code are less expensive and are seeing more activity than the really expensive homes, which tend to sit on the market much longer. In any case, it is interesting to note that one year ago, the median asking price for 40204 was about $255,000, much higher than we would normally expect, and has since dropped to a recent measurement of $195,000, about a $60,000 loss.
Besides price, another measurement I like to utilize when studying different parts of town is the Median Market Action Index. Above is a graph for homes for sale in the Highlands neighborhoods of Louisville, showing the MAI for both 40204 and 40205. A measurement of 30 would indicate a neutral market and the further below that mark we are, the stronger a buyer’s market exists. Looking at the graph, we can see that one year ago, both zip codes were in a stronger market than they are today, which is not great if you would like to count yourself a Louisville Highlands Home Seller in the near future
Greg is a Realtor in Louisville Ky, former glassblower, husband to one, father of two, brother to seven, uncle to 20 and a lover of cooking and eating well.
