{"id":9978,"date":"2015-12-02T22:25:26","date_gmt":"2015-12-02T22:25:26","guid":{"rendered":"https:\/\/louisvillehomesblog.com\/?p=9978"},"modified":"2023-08-19T18:20:22","modified_gmt":"2023-08-19T18:20:22","slug":"louisville-new-construction-home-prices-2015","status":"publish","type":"post","link":"https:\/\/trepryor.com\/blog\/louisville-new-construction-home-prices-2015\/","title":{"rendered":"Louisville New Construction Home Prices in 2015"},"content":{"rendered":"\n

We hear it all the time. Louisville new construction prices<\/strong> just keep going up, up, up! I’m looking at the numbers and it appears that this is the case.<\/p>\n\n\n\n

\"Photo
Since its launch, Norton Commons<\/a> has led our city with the highest price per square foot for Louisville new construction.<\/figcaption><\/figure>\n\n\n\n\n\n\n\n

What is happening here in Louisville, isn’t unique<\/em> though as new construction prices are up all across the country<\/strong>. The ingredients needed to build these new homes have risen steadily for the past decade, even while wages have remained fairly stagnant.<\/p>\n\n\n\n

I decided to dig into the Greater Louisville Association of Realtors<\/a> (GLAR) database and see what I could find.<\/p>\n\n\n\n

Louisville New Construction Prices on the Rise<\/h2>\n\n\n\n

Before the housing recession, there would be more than 1,000 new construction homes sold via our MLS each<\/em> year. We’re not including condos in this number, just single-family homes. For 2007, that number was 1,439. Wow. Just one year later than number drops 59%<\/strong>!<\/p>\n\n\n\n

At the same time, there’s no law that says a builder must list their home on the MLS. Therefore, the actual<\/em> number of new construction homes sold is higher, potentially much higher<\/strong>. We can only run with the available data.<\/p>\n\n\n\n

Let’s take a look at the stats!<\/p>\n\n\n\n

 <\/td>Number Sold<\/strong><\/td>Avg. Sale Price<\/strong><\/td>AG SqFt<\/strong><\/td>Sold Price\/SqFt<\/strong><\/td><\/tr>
2008<\/strong><\/td>918<\/td>$245,059<\/td>1,962<\/td>$124.89<\/td><\/tr>
2009<\/strong><\/td>821<\/td>$230,973<\/td>1,918<\/td>$120.43<\/td><\/tr>
2010<\/strong><\/td>764<\/td>$213,684<\/td>1,836<\/td>$116.38<\/td><\/tr>
2011<\/strong><\/td>552<\/td>$222,311<\/td>1,863<\/td>$119.36<\/td><\/tr>
2012<\/strong><\/td>601<\/td>$231,315<\/td>1,878<\/td>$123.19<\/td><\/tr>
2013<\/strong><\/td>712<\/td>$252,594<\/td>1,927<\/td>$131.06<\/td><\/tr>
2014<\/strong><\/td>709<\/td>$256,769<\/td>1,925<\/td>$133.38<\/td><\/tr>
2015*<\/strong><\/td>738<\/td>$265,301<\/td>1,957<\/td>$135.56<\/td><\/tr><\/tbody><\/table>
The data for 2015 is incomplete.<\/em><\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Notice that the average above-grade square footage hasn’t really changed from 2008 to today. Consumers are buying basically the same-sized home. But the price to build this\u00a0home has gone up about 20 grand<\/strong>. To be honest, I expected to see an even greater\u00a0difference.<\/p>\n\n\n\n

During the housing recession, builders were putting fewer and fewer “bells and whistles” into their homes as homeowners wanted as much space as possible for the least money<\/strong>.<\/p>\n\n\n\n

Once we turned the corner, the nicer finishes became less of a wish list items and more of a “must have” items.<\/p>\n\n\n\n

\"Chart
This chart of Louisville home sales is only for new construction single family homes. As you can see, new construction prices continue to move higher since the housing recession.<\/figcaption><\/figure>\n\n\n\n

We expect these numbers to increase.<\/p>\n\n\n\n

Wages are only expected to account for a 3% increase but raw materials have been soaring. Concrete, in particular, has increased in cost dramatically since April.<\/p>\n\n\n\n

What I tell my clients is that buying a Louisville new construction home is like paying retail<\/em>. You’ll never get a deal and depending on where you’d like to be, you can pay a premium. But what you get is brand new<\/strong> and exactly want you to want<\/em>.<\/p>\n\n\n\n

Next time you look at a home for sale, take special note of its above grade price per square foot. Then come back to this article\u00a0and see how it compares to our current\u00a0$135.56 per square foot.<\/p>\n\n\n\n

Of course, larger lots, high-end appliances, and luxury finishes greatly increase this number. But I’m sure you already knew that.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

We hear it all the time. Louisville new construction prices just keep going up, up, up! I’m looking at the numbers and it appears that this is the case.<\/p>\n","protected":false},"author":2,"featured_media":9981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[682,680],"tags":[1355],"class_list":["post-9978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-statistics","category-residential","tag-louisville-new-construction-home-prices","entry","has-media"],"_links":{"self":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/9978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/comments?post=9978"}],"version-history":[{"count":1,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/9978\/revisions"}],"predecessor-version":[{"id":20345,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/9978\/revisions\/20345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media\/9981"}],"wp:attachment":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media?parent=9978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/categories?post=9978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/tags?post=9978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}