Louisiana Housing Market Overview - September 2024
The Louisiana housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $250,000, reflecting a slight decrease of 0.5% year-over-year (YoY). In contrast, the Median List Price has increased by 1.7% YoY, reaching $254,500, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics show a modest upward trend. The median Price Per Square Foot is $142, up by 1.8% YoY, while the Median List Price per square foot is $149, marking a 0.7% increase YoY. These figures suggest a steady appreciation in property values, albeit at a slower pace than previous years.
Sales activity has experienced a notable decline. The number of Homes Sold in September 2024 is 2,790, which is a significant drop of 14.8% YoY. Pending Sales also decreased by 10.9% YoY, totaling 3,097. New Listings have fallen by 13.3% YoY, with 2,783 homes entering the market. Despite these declines, inventory levels have risen by 3.5% YoY, reaching 12,478 homes, which may provide more options for prospective buyers.
The Months of Supply, a critical indicator of market balance, has surged by 80.0% YoY to 4.5 months. This increase suggests a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years. The Median Days on Market have increased by 11.0% YoY to 67 days, indicating that homes are taking longer to sell.
The average sale to list ratio remains stable at 96.8%, with no significant change YoY. However, the percentage of Homes Sold above list price has decreased by 2.0% YoY to 10.7%, reflecting a cooling in competitive bidding. Price Drops have slightly increased by 0.1% YoY, affecting 25.0% of listings, while the percentage of homes going off market in two weeks has decreased by 5.5% YoY to 20.5%.
Overall, the Louisiana housing market in September 2024 is characterized by a mix of rising inventory and longer selling times, alongside stable pricing metrics. These trends suggest a market that is gradually moving towards equilibrium, offering both challenges and opportunities for buyers and sellers alike.
