Louisiana Housing Market Analysis - July 2024
The Louisiana housing market in July 2024 presents a nuanced picture with several key indicators showing varied trends. This analysis delves into the specifics of these trends, providing a comprehensive overview of the current state of the market.
Median Sales and List Prices
The median sales price for homes in Louisiana stands at $261,000, reflecting a slight decrease of 1.3% year-over-year (YoY). This decline suggests a modest cooling in the market compared to the previous year. Similarly, the median list price is $266,400, down by 0.3% YoY, indicating that sellers are adjusting their expectations in response to market conditions.
Price Per Square Foot
Despite the overall decline in median prices, the median price per square foot has increased by 1.2% YoY to $146. This rise indicates that while overall prices have dipped, the value of space within homes has appreciated. The median list price per square foot has also seen a notable increase of 3.3% YoY, reaching $152. This suggests that sellers are recognizing the increased value of space and are pricing their properties accordingly.
Sales and Inventory
The number of homes sold in July 2024 is 3,512, marking a 1.4% increase YoY. This uptick in sales volume indicates a healthy demand for homes in the state. However, pending sales have decreased by 9.5% YoY to 3,824, which could signal a potential slowdown in future sales activity.
New listings have slightly decreased by 1.5% YoY to 3,441, while inventory has surged by 11.9% YoY to 12,403. The increase in inventory, coupled with the rise in months of supply by 30.0% YoY to 3.5 months, suggests that the market is becoming more balanced, with more options available for buyers.
Market Dynamics
The median days on market for homes in Louisiana is 57 days, up by 10.0% YoY. This increase indicates that homes are taking longer to sell compared to the previous year. The average sale to list ratio is 97.2%, down by 0.3% YoY, suggesting that buyers are negotiating slightly better deals than they were a year ago.
The percentage of homes sold above list price has decreased by 3.7% YoY to 11.2%, indicating that fewer buyers are willing to pay a premium. Additionally, the percentage of price drops has increased by 1.9% YoY to 28.6%, reflecting that sellers are more frequently adjusting their prices to attract buyers.
The percentage of homes going off market in two weeks has decreased by 5.7% YoY to 24.0%, suggesting that homes are not selling as quickly as they were in the previous year.
Conclusion
In summary, the Louisiana housing market in July 2024 shows a mix of trends with some indicators pointing towards a cooling market while others suggest stability and balance. The slight decline in median sales and list prices, coupled with the increase in inventory and months of supply, indicates that buyers have more options and negotiating power. However, the rise in price per square foot and the increase in homes sold demonstrate that demand remains robust. As the market continues to evolve, both buyers and sellers will need to stay informed and adaptable to navigate these changing conditions effectively.
