Louisville, KY, is known for its bourbon, the Kentucky Derby, and for being home to some of the best bluegrass music on the circuit. It is also known for its thriving business and art culture as well as its thriving music scene.
Louisville holds to be the largest city of Kentucky, home of rich culture and history and is also the cultural and economic center of the state. As one of the fastest-growing cities in Kentucky, this city attracts a lot of real estate investors and many people seeking a great place to start over.
Quick Facts:
- Louisville is the largest city in Kentucky, with an estimated population of 615,924 people.
- It is the 29th most populated city in the United States.
- The cost of living in Louisville is 4.8% higher than the state's average and 11.6% lower than the US average.
- The population grew by 0.24% over the past year.
- Louisville's unemployment rate is 8.5% and compared to the US average of 6.2%.
- The median home price is $229,950
Louisville, KY in a Nutshell
Louisville's real estate market is booming, at a slow and steady pace that has been going up and one of the top 20 fastest growing cities in the United States. The Louisville housing market is flourishing and getting stronger each year. Louisville has a lot of potential to offer, beautiful homes, scenic views that are only an hour's drive away from the city.
Economy
Louisville has always been known as one of the best cities to live, work and play. The economy is flourishing, and tourism is a top industry in this city. The population is growing, and so are the jobs. In relation to the housing market, it is also on the rise. The market is stable and will continue to grow in the coming years.
Employment
Employment in Louisville has grown by 0.5% year-over-year. This is a pretty good growth rate. Louisville is known for its job opportunities, having better employment opportunities compared to other states.
Public Schools
Louisville, Kentucky has a total of 145 public schools to choose from. Here are some of them:
- Louisville Collegiate School
- Jefferson County Public Schools
- Goldsmith Lane Elementary
Real Estate in Louisville, KY
According to Realtor.com, Louisville is slowly beginning to have an increase in demand for housing. Currently, the most expensive neighborhood in the city is in Louisville, Cherokee, KY, with a median home price of approximately $420,800 from the average median home price of $229,950. On the other hand, Portland in Louisville has the most affordable median home price of $50,000.
Real Estate Trends
The pandemic has drastically affected the real estate market in Louisville, especially during the start of it. However, the market is now stabilizing, and buyers are coming back to the market. As a result, home prices have been going up. It has grown by 13.1% over the last year. In the last five years, the housing value has increased by a total of 41%.
Final Thoughts
Louisville is slowly recovering from the effect of the pandemic and having an outward shift in demand for housing. The city is gradually rising to its potential, and with investments coming in, more jobs are being created. As a result, Louisville is becoming one of the sought-after places to live in.
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