Real Estate Directory - Kentucky

Population: 4,145,922
Capital city/population: Frankfort (27,741) (2000)
Largest cities/population:

  • Louisville - 699,017
  • Lexington - 266,798
  • Owensboro - 54,312
  • Bowling Green - 50,663

(all 2004 figures)

Kentucky is the 37th largest state, with a total area of 40,411 square miles. Residents enjoy warm summers and cool winters. The northernmost portion of the state has an average annual temperature of 55ºF, with the southwest portion having an average temperature of 60ºF. Average annual precipitation ranges from 40” – 52”. Kentucky achieved statehood on June 1, 1792.

More than $6 billion worth of gold is held in the underground vaults of Fort Knox, the largest amount of gold stored anywhere in the world. All Chevrolet Corvettes are manufactured in Bowling Green.

HOUSING

Louisville – With an average sales price of $166,127, over 760 homes were sold during October, 2005. These homes sold at about 97% of the asking price, remaining on the market for an average of 59 days. Compared to October, 2004, these figures represented a 14% decline; however, average sale price increased during this time. Home prices ranged from $200,000 - $4,500,000, with over 50 homes for sale in excess of $1,000,000.

Lexington – The city is experiencing a strong sellers market; homes in the $100,000 - $200,000 range sold the fastest, with homes above $400,000 selling the slowest. Average days on the market was 57. For townhouses and condominiums, average sales price increased 2%, with these units selling for an average of $141,607, and 44 days on the market. Residents enjoy a town brimming with historical homes and important historical markers.

Owensboro – The community reports a total of 18,315 housing units, with 63% owner occupied with an average home price of $105,055. Of these housing units, 31% are rental units with a median rental price of $333 and a 6% vacancy rate.

Bowling Green – This community is experiencing a neutral market due to factors that balance between sellers and buyers favor. Home sellers are seeing fewer listings on the market than last year at this time, resulting in factors in their favor. Home buyers are enjoying lower interest rates and a decent amount of homes from which to choose; median list price is $154,900.

BUSINESS/ECONOMY

Principal industries include manufacturing, finance, insurance, real estate, and retail trade. Manufactured goods include industrial machinery, apparel, electric equipment, transportation equipment, food products, and fabricated metals. Agricultural outputs include tobacco, corn, and soybeans. Total gross state product for 2004 was $129 billion, with a per capita personal income of $26,575.

SCHOOLS

Kentucky has established an Educational Professional Standards Board to oversee the educational process. The board established standards of performance for preparation programs, practitioners, educator preparation programs at high schools and colleges, and selecting assessments for teachers and administrators. They also issue, renew, suspend, and revoke certificates for professional school personnel. At the public level, the 1994 student-teacher ratio was 17:1, with a 1995 average teachers’ salary of $33,108.

At the higher education level, Kentucky has several large universities: The University of Kentucky – Lexington, the University of Louisville, Western Kentucky University – Bowling Green, Eastern Kentucky University – Richmond, Murray State University, Morehead State University, and Kentucky State University – Frankfort. Berea College was founded at Berea in 1855 to serve needy Appalachian students.

HISTORY

In the first part of the 1800s, Kentucky was mainly a state of small farms that weren’t suited for slave labor. After 1833, importation of slaves was forbidden; however, in 1850, the legislature repealed this law, and Kentucky was transformed into a huge slave market for Southern states. Soon, the state was drawn into the debate over slavery, attempting to remain neutral at the outbreak of the Civil War. Kentuckians experienced a bitter divide in their loyalties – over 30,000 served the Confederacy, while almost 60,000 chose the Union. After the war, Kentucky refused to ratify the 13th and 14th Amendments to the Constitution.

By the early 20th century, coal mining was established in the eastern portion of the state. This industry continued strong into World War I. A government reorganization was carried out from the 1920s – 1930s. Since World War II, the state has developed its infrastructure, which led to a rise in tourism and industry.

RELIGION (2004)

  • Christian – 86%
    • Protestant – 70%
      • Baptist – 35%
      • Methodist – 5%
      • Pentecostal – 4%
      • Church of Christ – 3%
      • Lutheran – 2%
      • Presbyterian – 2%
      • Other Protestant – 19%
    • Roman Catholic – 15%
    • Other Christian – 1%
  • Jewish 0.01%
  • Other Religions – <1%
  • Non-religious – 14%

DEMOGRAPHICS (2004)

Racially, the population is:

  • White, non-Hispanic - 89.3%
  • Black - 7.3%
  • Hispanic - 1.5%
  • Asian - 0.7%
  • Native American - 0.2%
  • Mixed race - 1.1%