Mount Sterling, KY metro housing market

What this means

• Valuation. Prices are 21% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are down 1.4% over the past year (U.S.: +1.2%).
• Supply. There are 17% more homes for sale than the 2017-19 norm, so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is high (71/100; U.S.: 54): homes sell for about 1.6% below their final list price; 22% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 26% of the median household income (U.S.: 35%); it takes about $49k a year to keep the payment at 30% of gross pay. That includes about $1,265 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Owning and renting a typical home cost about the same per month.
• Disaster risk. FEMA expects about $128 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −8% to +7% over the next 12 months (58% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −7.9% to +7.0% (80% range; middle estimate +1.0%), chance of a rise 58%, of a 5%+ drop 17%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Counties in Mount Sterling, KY metro