Nearly 2 out of 5 REALTORS® say there is greater interest
from out-of-state buyers. Homebuyers from the West and Northeast represent the
largest group.
The Bluegrass state’s lower cost-of-living, comparatively more
affordable housing, and convenient location to Cincinnati, OH, Nashville, TN,
and St. Louis, MO likely make it an attractive destination as working remotely
becomes more widespread.
Kentucky Attracts Out-Of-State Homebuyers
November 8, 2020
Nearly 2 out of 5 REALTORS® say there is greater interest
from out-of-state buyers.
Homebuyers from the West and Northeast represent the largest
group.
The Bluegrass state’s lower cost-of-living, comparatively
more affordable housing, and convenient location to Cincinnati, OH, Nashville,
TN, and St. Louis, MO likely make it an attractive destination as working
remotely becomes more widespread.
The October 2020 edition of the HousingIQ Survey of Kentucky
REALTORS® included questions concerning interest from out-of-state homebuyers.
Administered between October 27 and October 31, 2020, the 324 responses
represent over 2.5% of the Kentucky REALTORS® membership.
37% of Kentucky REALTORS® say there is increased interest
from out-of-state buyers.
33% of Kentucky REALTORS® say Northeasterners are the
largest group of out-of-state buyers.
Buyers from the West represent the most significant group.
38% of Kentucky REALTORS® who say that there is increased
interest from out-of-state buyers also identify buyers from the West as the
largest group.
The local market perspective.
64% of the REALTORS® in bowling green say interest from
out-of-state buyers is higher compared to 18% in Louisville.
41% of the REALTORS® in Bowling Green rank Northeasterners
as the largest group of out-of-state buyers whereas in Western Kentucky, 38%
rank Midwesterners as the largest group. In Lexington and Louisville, buyers
from the West and Northeast comprise the largest group.
Methodology TL;DR
For this analysis, responses were weighted using local
association membership counts to get accurate statewide counts.
The analysis assumes that REALTOR® responses reflect local
market conditions rather than global knowledge.
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