Local real estate market breaks records in 2022

(Source: WALB)
Published: Jan. 24, 2023 at 12:34 PM CST
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BOWLING GREEN, Ky. (WBKO) - The local real estate market continues to set records with $1,116,326,685 in total sales volume in 2022.

This volume includes all real estate sold, residential, land, commercial, and multi-family. The previous record was set last year, a signal of continuing growth for the local market.

Although the total amount of units sold was less than in 2021, data gathered by the REALTOR Association of Southern Kentucky shows that both the average and media prices of real estate have risen above last year’s levels.

2022 saw a total of 3404 residential units sold, a decrease of 5.3% from 2021.

Despite the drop in units sold, the total sales volume climbed to $904,866,385, an increase of 6.1%.

The average sales price for the SOKY area was $265,824, jumping 12.1% since last year.

“2022 ended up being an incredible year for real estate, REALTORS, and property owners,” said Kelley McGough, the 2023 RASK President. “We did see a bit of a correction in our market during the 4th quarter, but overall, we saw property values rise to record setting levels. This created a record setting amount of sales volume in 2022. When considering the rising interest rates that effected our market this year, we are very proud of the records we’ve set and the year we had.”