Louisiana Housing Market: November 2024 Analysis
The Louisiana housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $243,600, reflecting a modest year-over-year increase of 0.8%. This suggests a slight upward pressure on home prices, albeit at a slower pace compared to previous years.
Conversely, the Median List Price has decreased by 1.3% year-over-year, now at $264,700. This decline indicates potential adjustments in seller expectations or a response to market conditions, possibly influenced by the increased competition or buyer negotiation power.
In terms of Price Per Square Foot, the median price has risen by 4.4% to $141, while the Median List Price per square foot has seen a more significant increase of 7.0%, reaching $150. These figures suggest that while overall list prices have decreased, the value attributed to each square foot of property has appreciated, indicating a demand for quality or specific property features.
The number of Homes Sold has increased by 9.0% year-over-year, totaling 3,076 units. Similarly, Pending Sales have risen by 9.1%, reaching 3,210 units. These increases highlight a robust demand in the market, despite the challenges posed by other metrics.
New Listings have decreased significantly by 11.8%, with only 2,465 new properties entering the market. This reduction in New Listings, coupled with a 4.6% decrease in inventory to 12,035 units, suggests a tightening market where supply is not keeping pace with demand.
The Months of Supply have dramatically decreased by 60.0% year-over-year, now at 3.9 months. This sharp decline indicates a seller's market, where the available inventory is being absorbed quickly, potentially leading to increased competition among buyers.
The Median Days on Market have increased by 6.0% to 68 days, suggesting that while demand is strong, properties are taking slightly longer to sell, possibly due to pricing adjustments or buyer caution.
The average sale to list ratio remains relatively stable at 96.9%, with a slight year-over-year increase of 0.1%. The percentage of Homes Sold above list price has also seen a minor increase of 0.3%, now at 11.2%. These metrics indicate that while sellers are achieving close to their asking prices, there is still room for negotiation.
Price Drops have increased by 3.2%, affecting 23.0% of listings. This rise in price reductions suggests that some sellers may be adjusting their expectations to align with market realities. Additionally, the percentage of homes going off the market within two weeks has decreased slightly by 0.8%, now at 17.7%, indicating a slight slowdown in the pace at which homes are being snapped up.
Overall, the Louisiana housing market in November 2024 is characterized by strong demand and limited supply, leading to competitive conditions for buyers. While prices are generally stable, the market dynamics suggest potential opportunities for both buyers and sellers to navigate strategically.
