Record-setting mortgage rates of less than 3% have come and gone, but the record-breaking Bowling Green-area real estate market is sticking around for a while.

While steadily climbing interest rates and layoffs of mortgage staff at many banks have made national headlines, local home sales have continued an upward trend that saw the seven-county region covered by the Realtors Association of Southern Kentucky reach $1 billion in sales for the first time in 2021.

Based on figures released by RASK for March, another 10-figure sales year could be in the works.

Those March figures show residential sales for the region reaching 308 units, up from 286 units in March 2021. Residential sales volume reached $77,637,461 in March, well above the $62,156,143 recorded last March.

Add in commercial transactions of $19,913,200 for the month and March’s total real estate sales approach $100 million.

Those are the kind of numbers that leave local real estate professionals searching for the slowdown expected to follow a rise in mortgage rates into the 5% range.

“There’s no evidence at all (of a slowdown),” said Kelley McGough, managing broker with EXIT Experience Realty and the current vice president of RASK. “Demand is still out there.”

The numbers bear that out. Those 308 homes sold in March went for $252,288 on average, a big increase from the March 2021 average of $217,329.

And average days on market, a key measure of real estate sales activity, dropped from 101 in March of last year to 80 this year.

All that hyperactivity has led to a year-over-year drop in the number of active listings in the region from 368 to 318.

The average price of those active listings is also on the rise, jumping from $341,915 to $361,091 in a month’s time. The average asking price for Warren County’s 138 active listings at the end of March was $415,451.

New homes are being built, just not quite fast enough to keep pace with demand, according to McGough.

“It’s not that we don’t have inventory, it’s just that houses are selling so fast,” she said. “You have to be quick to find them.”

McGough said loan officers have told her of a slowdown in mortgage refinancings, but the Realtor sees little other evidence of the impact of those rising rates.

“The market is still really strong,” she said. “It’s important for buyers to recognize that although rates have gone up they’re still historically low. It’s not detrimental to anybody.”

RASK CEO Jim DeMaio said the uptick in mortgage rates could eventually have an impact, but he doesn’t see it yet.

“Based on the demand for inventory in our market, I’m not sure the rate increases will affect our sales numbers very much,” DeMaio said in an email. “I bought my first home in 2000 with an interest rate of 8.375% and thought it was the greatest rate ever, so we’re still in historically low territory.”

– Follow business reporter Don Sergent on Twitter @BGDNbusiness or visit bgdaily news.com.

​– Follow business reporter Don Sergent on Twitter @BGDNbusiness or visit bgdailynews.com.