Building Costs Per Square Foot in the City of Louisville (KY), USA

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Residential Construction Market Analysis in the City of Louisville (KY), USA

Newly Built House in Louisville 7 Manslick Commons Drive KY40219 – 3 Bedrooms and 3 Baths with 2 Attached Garages on Gross Floor Area 1,676 sqft – Built in 2022 – Price $299,900

Newly Built House in Louisville 7 Manslick Commons Drive KY40219 – 3 Bedrooms and 3 Baths with 2 Attached Garages on Gross Floor Area 1,676 sqft – Built in 2022 – Price $299,900

Building costs are 2% above the national average in the City of Louisville in Kentucky. There are times when it seems that the dream of having your own home is the most difficult to achieve. Fortunately, the southern states of the United States tend to have lower prices, so there is a greater chance of buying a good property there at a good price.

In this article, we will be dedicated to discussing the real estate market of Louisville, Kentucky. This city has seen impressive growth in the last 20 years, so you will have the advantages of a big city with the convenience of a small town.

Louisville (KY) Construction Outlook

Louisville may not be the capital of Kentucky (that title goes to Frankfort), however, it is its most populous city and one of the favorites for all the people who are looking to move to that state. Even people who live in other parts of Kentucky choose to move to Louisville because of its job opportunities, the good condition of its schools, and the choice of available hospitals.

This city in the southern United States has a fairly varied construction outlook. You can find modern houses, others with an older style, and it also has buildings similar to the skyscrapers that you would find in another big city.

As for the buildings, most were built between the 80s and 90s, so they retain that aesthetic. In any case, they made some new ones in the last decade that are glazed, so they are quite modern and with the style of the current architecture.

Townhouses are popular in Louisville and are often made of brick and mortar. Prefabricated house constructions are often avoided, especially after the 2021 tornado that destroyed a large part of them. In any case, you can come across some wooden houses or other more precarious ones in the poorest areas of the city.

Louisville (KY) Housing Market Analysis and Forecast

While property values ​​in Louisville are up from last year, that doesn’t mean it’s a good real estate market for investors. If what you want is to buy a house or apartment to live in, then yes, Louisville is a good option, but not so much for people who want to enter the market.

Property values ​​overall increased by 5% over October 2021, which is a good number considering the region Louisville is in. However, the number of property sales is at an all-time low. This month was the one with the lowest number of property sales in the last 30 years, which is worrying for people who invest in the real estate market.

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If we compare it with October 2021, 18% fewer properties were currently sold, which is not at all encouraging if you are looking to invest. Now if you want to buy a house to live in, you may be at the best time in history to do so.

Property values ​​have not increased much, and are expected to stay the same for the first few months of 2023. Even as a buyer you can haggle over the price of a property to get it lower, as there are so few sales sellers who will be willing to lower the price a little.

In short, the Louisville real estate market represents better possibilities for people who want to buy a property at a good price, but who do not expect to resell it for a profit. However, the real estate market is all about patience, so if you want to invest and are prepared to wait before you see the fruits, then you can do it in Louisville.

Louisville (KY) Average House Price (Median Home Price)

The median home price in Louisville Kentucky is $235,000 in October 2022. This number is expected to drop a bit during the winter months to $225,000, but those are estimates, only time will tell.

It should also be borne in mind that the median home price is a value that is obtained by measuring the values ​​of all the residential properties for sale in a certain place (in this case in Louisville, Kentucky), so it is a value that can vary according to the type of property and according to the different neighborhoods of the city.

In the case of single-family homes, the average value is $240,000, 2% more than what they cost last year. The value of these properties is expected to reach $250,000 during the summer months of 2023. In the case of condos/co-ops, these are very popular in Louisville and their average value is $195,000, and they increased 8% compared to last year’s values, so it can be expected that they will continue to rise.

Relatively, it is a fairly cheap city to buy a property and live in. It is true that with $250,000 you can buy a house with more than 3 bedrooms here in Louisville, while in other cities that is only enough for a small apartment.

Proposed Residential Building Projects in Louisville (KY)

Louisville has a large number of college campuses, mostly community colleges or smaller religious colleges. For the same reason, the neighborhoods around them are full of homes for university students, and there is a real estate company that has a project to build a building in the area near each of these universities. The apartments are expected to be put up for sale, but some will also be rented as students are expected to live there temporarily.

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Aside from that, there are some building projects in downtown Louisville. These exceed 15 stories and are expected to be ready in mid to late 2023. These buildings represent a large amount of private investment, and most of the apartments are residential. However, it is expected that they will include some studio apartments, or that one of those buildings will combine the inclusion of offices and residential apartments.

There are some luxury houses under construction, but they are not the majority. These luxury home projects are not similar to the typical mansions you would see in other celebrity neighborhoods, rather they are large properties but modest in design. These luxury homes are similar in design to other luxury homes in the southern United States, like the ones you’d find in Dallas or Houston.

Newly Built House in Louisville 13115 Trump Avenue KY40299 – 4 Bedrooms and 4 Baths with 2 Attached Garages on Gross Floor Area 3,557 sqft – Built in 2022 – Price $729,900

Newly Built House in Louisville 13115 Trump
Avenue KY40299 – 4 Bedrooms and 4 Baths with
2 Attached Garages on Gross Floor Area 3,557
sqft – Built in 2022 – Price $729,900

Building Costs Per Square Foot for Single Family Homes in the City of Louisville (KY), USA

Building costs are 2% above the national average in the City of Louisville in Kentucky.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Louisville City ranges from $351.79 per sqft to $539.27 per sqft, with the average being $415.16 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Louisville City ranges from $213.80 per sqft to $327.73 per sqft, with the average being $252.31 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Louisville City ranges from $138.21 per sqft to $209.93 per sqft, with the average being $161.81 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Louisville City ranges from $100.87 per sqft to $154.68 per sqft, with the average being $119.04 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Louisville City ranges from $81.88 per sqft to $125.39 per sqft, with the average being $96.55 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Louisville City ranges from $64.58 per sqft to $98.98 per sqft, with the average being $76.18 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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