Overview of the Commercial and Residential
Real Estate Market in Kentucky
Home to the United States Bullion Depository (Fort Knox) and the first Kentucky Fried Chicken restaurant, Kentucky is also the birthplace of both the president of the Union, Abraham Lincoln, and the president of the Confederacy, Jefferson Davis. Bluegrass Country produces many of the world's finest racehorses. The oldest and grandest horse race in the U.S. is hosted by Louisville at Churchill Downs on the first Saturday of May. Louisville is one of five Kentucky cities that has a population above 250,000. According to the U.S. Census, Louisville/Jefferson County has a population of 609,893 and a median home value of $139,400. That is almost $20,000 above the state's median home value of $120,000. The median household income for Louisville/Jefferson County is $44,111 compared with $42,610 for the state. Lexington-Fayette has a population of 308,428, a median home value of $163,000, and a median household income of $48,779. The homeownership rate in Lexington-Fayette is 56.3 percent compared with 68.7 percent state-wide.
Increases in online sales may hurt some commercial real estate markets, but it is good news for the UPS World port shipping hub located at Louisville International Airport. It also helps all the businesses that serve Kentucky's expanding logistics sector. The Cincinnati/Northern Kentucky Airport is home to a global shipment hub for DHL. These create a demand for larger warehouses and distribution centers. In 2014, Kentucky commercial real estate agents reported strong improvements in multi-family property sales and leases of industrial space. The office and retail space category improved too, but at a slower pace. The National Association of Realtors Commercial Real Estate Outlook for the fourth quarter of 2014 predicts improving consumer confidence will continue to boost the commercial market in states like Kentucky.
Office Rental and Executive Suites in Louisville, KY
How to Become a Realtor in Kentucky
From their offices in Louisville, the Kentucky Real Estate Commission (KREC) oversees the licensing and governs the conduct of real estate agents across the state. To apply for a Kentucky real estate license, applicants must be at least 18 years of age, they need a high school diploma or GED, and must pass an FBI background check. Kentucky allows applicants to either complete 6 credit hours in real estate courses from an accredited college or 96 class hours of commission approved real estate courses. After passing the Kentucky Sales Associate exam, they have 60 days to apply for their license. Agents who are actively licensed in good standing with another state may be able to get a real estate license from KREC via the License Recognition process. Only certain states meet the standard for license recognition and applicants must still pass a background check.