Hammond, LA Metro Area Housing Market Analysis - November 2024
The Hammond, LA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 3.0% year-over-year, reaching $253,000. This indicates a moderate appreciation in home values, suggesting a stable demand for properties in the area.
Conversely, the Median List Price has decreased by 5.2% year-over-year, now standing at $255,000. This decline in list prices could suggest that sellers are adjusting their expectations to align with market conditions, possibly due to increased competition or a shift in buyer preferences.
The median Price Per Square Foot has seen a slight increase of 0.4% year-over-year, now at $146.61, while the Median List Price per square foot has risen by 1.9% to $146.98. These figures indicate a relatively stable pricing environment on a per-square-foot basis, with slight upward pressure on list prices.
Sales activity in the Hammond area has been robust, with Homes Sold increasing by 11.8% year-over-year to 104 units. Pending Sales have surged by 23.6%, reaching 110 units, reflecting strong buyer interest and potential future sales growth. New Listings have also increased by 10.2% year-over-year, totaling 119, suggesting that sellers are responding to the heightened demand.
However, inventory levels have decreased significantly by 13.7% year-over-year, with only 383 homes available. This reduction in inventory, coupled with a dramatic 110.0% year-over-year decrease in Months of Supply to 3.70 months, indicates a tightening market where demand is outpacing supply.
The Median Days on Market have increased by 9.0% year-over-year to 75 days, suggesting that while demand is strong, homes are taking slightly longer to sell. This could be due to buyers being more selective or the increased number of listings providing more options.
The average sale to list ratio has improved by 1.5% year-over-year, now at 98.5%, indicating that homes are selling closer to their asking prices. The percentage of Homes Sold above list price has increased by 4.4% to 17.3%, further highlighting competitive market conditions.
Price Drops have risen by 3.9% year-over-year to 25.3%, suggesting that some sellers are adjusting their pricing strategies to attract buyers. Additionally, the percentage of homes going off the market in two weeks has increased by 6.9% to 18.2%, indicating that a portion of the market is experiencing quick sales.
Overall, the Hammond, LA metro area housing market in November 2024 is characterized by strong demand, limited supply, and competitive pricing dynamics. Buyers and sellers alike are navigating a market with rising sales activity and strategic pricing adjustments.
