Broker’s Letter
As we prepare for the highly anticipated 2025 spring and summer markets, we are pleased to share the 2024 Kentucky Luxury Market Report. Join us for a comprehensive look at four influential luxury markets within the commonwealth’s economy as we dissect trends and discuss what to expect in the next 12 months.
2024 brought many changes, including modifications to clarify buyer representation, a change we welcome as we always strive for transparency in every transaction. Despite this being an election year, the local market thrived, exceeding $4 billion in sales for only the third time ever, demonstrating the strength, resilience, and stabilizing impa estate market.
On a personal note, I am immensely proud of the success of Chri International Real Estate Bluegrass in 2024. We embraced change strengthened our market presence, and continued to deliver the exceptional service that defines our commitment to luxury—a standard measured not only by price, but also by experience.
The real estate market is poised for new opportunities, and we are eager and prepared for whatever comes next, looking ahead with excitement optimism.
We invite you to be a part of this journey as we redefine luxury living across Kentucky. Thank you for your trust and partnership in 2024. Her prosperous and healthy 2025!
Warm regards,
Pam Jury, Principal Broker Christie’s International Real Estate Bluegrass pjury@cirebg.com
Central Kentucky
Known for its scenic landscapes, iconic horse farms, and charming small towns, Central Kentucky is an attractive destinationforthosepursuingahighqualityoflife.
Lexington, the region’s metropolitan hub, is a vibrant city with a thriving arts scene and excellent educational offerings. The city gained national and international recognition for its entertainment, dining, tourism, and beyondin2024,butwhereLexingtontrulystandsoutisfor its livability. In 2024, it earned recognition as one the Best Cities to Buy a House in America by Niche and ranked on U.S. News & World Report’s Best Places to Live in the U.S. 2024-2025.
Central Kentucky’s luxury sales ($1M+) congregated in Jessamine and Fayette counties in 2024. Prominent luxury neighborhoods in Jessamine County included Champions with four properties sold for an average of $2.24 million and Vine Grove with five properties sold for an average of $1.48 million. Prominent luxury neighborhoods in Fayette CountyincludedAshlandParkwith11propertiessoldforan average of $1.70 million and Chevy Chase with seven properties sold for an average of $1.21 million. Fayette’s Tuscany and Shadeland neighborhoods each had five properties sold, averaging $1.23 million and $1.22 million, respectively.
Other noteworthy luxury neighborhoods included Greenbrier,ClaysCrossing,andCastlegate,eachwithfour properties sold averaging $1.39 million, $1.38 million, and $1.37million,respectively.
Central Kentucky Analysis
Greater Louisville
Louisville, a picturesque waterfront city along the Ohio River, is Kentucky's largest urban center. The state’s cultural metropolis and its surrounding counties are perhaps best known as home to the Kentucky Derby and severaloftheworld’smostfamousbourbondistilleries.
Beyond the racetrack and the barrels, Louisville has earned national recognition for its cultural offerings and livability.RecognizedasoneoftheBestPlacestoTravelin 2024 and Best Food Cities in the U.S. by Travel + Leisure and named among The South's Best Cities 2024 by Southern Living, Louisville stands out as a must-visit destinationintheheartofKentucky.
Luxury sales ($1M+) in Greater Louisville thrived in 2024, with standout neighborhoods such as The Breakers at Prospect where five properties sold for an average of $2.10 million each, and Anchorage where 12 properties soldforanaverageof$1.83million.InNortonCommons,a remarkable 37 properties sold with an average price of $1.46million.
Other noteworthy neighborhoods included Majestic Oaks with four properties averaging $1.85 million and Lake Forestwitheightpropertiessoldaveraging$1.60million.
Greater Louisville Analysis
Northern Kentucky
Northern Kentucky is a unique region located at the northernmosttipofKentuckydirectlyacrosstheOhioRiver fromdowntownCincinnati,Ohio.Celebratedforitsunique blend of scenic beauty and historic architecture, it completes the “Golden Triangle” of regional hubs between Louisville, Lexington, and Covington/Cincinnati and is home to a blend of welcoming neighborhoods, excellentschools,andrichlocalculture.
Covington, the region’s largest city and one of Money’s Best Places to Live in 2024, benefits from this strategic location and offers the perfect balance for those who want to enjoy the amenities of a major city while living outside its hustle and bustle. This proximity has been a driving force behind the region’s steady growth over the past several decades, establishing Northern Kentucky as anappealingplacetocallhome.
Prominent neighborhoods with luxury sales ($1M+) in Northern Kentucky included Triple Crown Country Club, Rivers Pointe Estates, andRivershore Farms. Three homes sold in each neighborhood with average sales of $2.50 million, $1.40 million, and $1.10 million per home, respectively.
Northern Kentucky Analysis
Land & Farm
The land and farm market demonstrated strong activity in 2024, with 104 luxury properties sold, totaling $250 million in sales across our three largest markets: Central Kentucky, Greater Louisville, and Northern Kentucky. The market’s diversity, with lot sizes ranging from small parcels to large tracts, attracted a wide range of buyers, from individual investors to commercial agricultural operations.
Properties averaged 155 days on the market, reflecting the slower pace typical of large-scale land transactions. Cash purchases dominated the market, accounting for $128.8 million across 40 transactions, followed by conventional financing at $79.7 million over 41 transactions. Other financing methods, including exchanges, played smaller roles. Cash transactions reinforced Kentucky’s land market as an attractive space for varied investment strategies.
Boone County recorded the highest average price per acre at $182,014, reflecting its appeal thanks to its proximity to urban centers and development potential. Fayette County followed at $109,546 per acre, driven by premium land values and strong demand. Jessamine County achieved an average price per acre of $81,898.
Bourbon County saw the largest total acreage sold with 3,795 acres, averaging $17,597 per acre.
As we close the books on 2024 and look ahead to the rest of 2025, the luxury real estate markets in Central Kentucky, Greater Louisville, and Northern Kentucky are poised for continued growth and success. Our analysis of recent trends and market conditions underscores the resilience and dynamism of the luxury sector, which we anticipate will continue to outpace other market segments in annual appreciation. Several factors are expected to fuel the luxury market's exceptional performance throughout 2025:
Economic Resilience
Despite broader economic uncertainties, the luxury market remains buoyed by high-net-worth individuals seeking premium properties as investments and lifestyle upgrades.
Lifestyle Shifts
The demand for spacious homes with luxury amenities continues to rise as buyers prioritize quality of life, remote work flexibility, and proximity to cultural and natural amenities.
Limited Inventory
A constrained supply of luxury properties has created competitive market conditions, driving up values and ensuring strong appreciation rates.
Regional Appeal
Each market offers unique advantages, from Greater Louisville’s vibrant urban amenities to Central Kentucky’s equestrian estates, Northern Kentucky’s proximity to Cincinnati, and Southern Kentucky’s serene landscapes.
The luxury real estate market’s ability to outpace other segments in annual appreciation is a testament to its enduring appeal and stability. At Christie’s International Real Estate Bluegrass, we are confident that our markets in Central Kentucky, Greater Louisville, and Northern Kentucky will continue to deliver exceptional opportunities for buyers, sellers, and investors alike.
