Is Morehead, KY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morehead is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Morehead has remained a Seller's Market.

Key Takeaway

Morehead is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Morehead, KY

How much do homes in Morehead, KY cost?

Median Sold Price

$200,000

$75/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$17,500(-8.0%)

Key Takeaway

Homes in Morehead have sold for 8% less than they did a year ago.

Summary: The median home sold price in Morehead was $200,000 in October 2024, down 8% from last year, and the median price per square foot was $75.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$65K
N/A
2 $150K$156.1K
+4.1%
3 $207.5K$201.5K
-2.9%
4 $285K$205K
-28.1%
5+ $320K$510K
+59.4%

Summary: Morehead housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.1%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes decreased by 28.1%, and 5+ bedroom homes increased by 59.4%.

Median Sold Price Compared To Nearby Cities

Hilda-Triplett
-2.1%
Morehead
-8.0%

Housing Supply in Morehead, KY

How many homes are available in Morehead, KY?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4959+20.4%

Summary: The Morehead real estate market had 59 homes for sale in October 2024, a 20.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 67
+16.7%
3 2629
+11.5%
4 1218
+50.0%
5+ 34
+33.3%

Summary: The Morehead housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1011+10.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morehead, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in Morehead in October 2024, up by 10.0% month-over-month. Of the 11 sold homes, 36% were sold under asking, 0% were sold at asking, and 64% were sold over asking.

Days on Market for Morehead, KY

How long does it take to sell a home in Morehead, KY?

Average Sale Time

Oct 2023Oct 2024CHANGE
43 Days34 Days-19.3%

Summary: Homes in Morehead had an average of 34 days on market in Oct 2024, down by 19.3% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Morehead are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 11 homes were sold in Morehead; 45% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

Newest Listings in Morehead, KY

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