I was born there, and yep. It’s more shortened often. LooVuhl
Actually, it’s more like Luhl-vuhl, but I lived in Western Kentucky, where the accent is slightly different.
I spent some time in Derby City. There are several pronunciation signs in downtown and at the airport.
I’ve encountered variations of all of these:
LOO-uh-vuhl
LULL-vuhl
LUH-vuhl
LOOL-vuhl
LOO-vuhl
LOO-uh-vil
LOO-ee-vil
LOO-ee-vuhl
Since one of the more obnoxious persons I met during my years in the Navy was from there, and would spend an entire afternoon trying to correct anyone who happened to utter the word “Louisville”, my answer is:
I DON"T CARE!!!
Sorry, my agent orange was flaring up. 
My first husband was from Louisville. He pronounced it Lou-ee-ville because he thought the other ways sounded too hickish. He’d get corrected by people who had never been there who complained he wasn’t saying it right. That amused me.
I’m serious! You HAVE to point your chin down when you say it!
You can be talking to someone, eye-to-eye, and if that person is a “native speaker,” he or she will drop chin to chest when saying “Loh-vohl.”
~VOW
And in Ohio, the one near Canton.