Prospect, Louisville, KY—40241
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Prospect, Louisville, KY
As of Oct '25, the median home price in Prospect, Louisville, KY is $402,000, with a year-over-year change of 4.6%. This indicates that home prices in Prospect, Louisville, KY are increasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $402,000 | 4.6% |
| Single Family | $425,000 | 4.4% |
| Condos | $300,000 | 3.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $352,000 | 5.1% |
3 Bed | $384,000 | 3.2% |
4 Bed | $477,000 | 3.9% |
| 5 Bed | $655,000 | 3.1% |
% of Housing Stock
Rental Trends — Prospect, Louisville, KY
As of July '25, Rentcast reports the average rent in Prospect, Louisville, KY is $2,110, with a year-over-year rent change of -9.1%. Per bedroom, the median rent as of July '25 in Prospect, Louisville, KY is 1-bedrooms: $1,230, 2-bedrooms: $2,440, 3-bedrooms: $2,230, 4-bedrooms: $2,700. The most common rental property sizes in Prospect, Louisville, KY are 2-bedroom and 1-bedroom, accounting for 49.2% and 27.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,110 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,220 | $1,230 |
| 2 Bed Rent | $2,200 | $2,440 |
| 3 Bed Rent | $2,160 | $2,230 |
| 4 Bed Rent | $2,700 | $2,700 |
% of Rental Stock
Property Listings — Prospect, Louisville, KY
As of Oct '25, Realtor.com reports that the median days on market for a home in Prospect, Louisville, KY is 29. This is a decrease of -22.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $405,000 | -8.0% |
Listing Count | 104 | 46.0% |
| Listings as % of Homes | 0.4% | 46.0% |
Days on Market | 29 | -22.0% |
Demographics — Prospect, Louisville, KY
As of the latest ACS Survey released in 2023, Prospect, Louisville, KY has a population of 30,900, which has increased by 2.5% over the past 5 years. Prospect, Louisville, KY is a moderately popular place for families, as children make up 21.2% of the population. The area has a highly educated workforce, with 57.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,900 | 2.5% |
% Under 18 | 21.2% | 0.0% |
% Seniors | 21.6% | 2.4% |
% WFH | 14.8% | 208.3% |
% w/ College Degree | 57.9% | 8.6% |
As of the latest ACS Survey released in 2023, Prospect, Louisville, KY is a predominantly white area, with 72.1% of the population identifying as white. The white population has shrunk by 5.4% in the last 5 years. The second most common race or ethnicity in Prospect, Louisville, KY is black, making up 10.8% of the population. Foreign-born residents account for 12.3% of the population in Prospect, Louisville, KY, and this percentage has increased by 17.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.1% | -5.4% |
% Black | 10.8% | 16.1% |
% Hispanic | 6.7% | 39.6% |
% Asian | 6.2% | -6.1% |
% Foreign Born | 12.3% | 17.1% |
Mortgage and Risk — Prospect, Louisville, KY
According to HUD data as of 2023, there were 544 mortgage originations in Prospect, Louisville, KY, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Prospect, Louisville, KY. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 544 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Prospect, Louisville, KY
As of 2024, the percent of homes in Prospect, Louisville, KY under the Section 8 program is 0.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Prospect, Louisville, KY, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 36 |
Total Units Section 8 | 36 |
% Rentals under Section 8 | 0.7% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $150 | $1,220 | $1,370 |
| 2 Bedroom | -$530 | $2,200 | $1,670 |
| 3 Bedroom | -$10 | $2,160 | $2,150 |
| 4 Bedroom | -$200 | $2,700 | $2,500 |
Affordability — Prospect, Louisville, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $402,000 |
| Median Household Income | $95,800 |