Shreveport, LA Metro Area Housing Market Analysis - August 2024
The Shreveport, LA metro area housing market in August 2024 presents a complex landscape with varying trends across different metrics. The data reveals both positive and negative shifts, reflecting the dynamic nature of the real estate market in this region.
Price Metrics
The Median Sales Price for homes in Shreveport stands at $234,975, marking a 6.0% decrease year-over-year (YoY). In contrast, the Median List Price has increased by 3.9% YoY, reaching $239,000. This divergence suggests a potential gap between seller expectations and buyer willingness to pay.
When examining Price Per Square Foot, the Median Sales Price per square foot has risen by 8.1% YoY to $126.47. Similarly, the Median List Price per square foot has increased by 6.5% YoY, now at $132.81. These increases indicate a growing valuation of property on a per-square-foot basis, despite the overall drop in Median Sales Price.
Sales and Inventory
The number of Homes Sold in August 2024 is 313, reflecting a significant 18.9% decline YoY. Pending Sales also show a downward trend, with a total of 354, down by 11.5% YoY. New Listings have decreased by 11.9% YoY, totaling 435. This reduction in New Listings could be contributing to the lower sales figures.
Conversely, inventory levels have risen by 13.8% YoY, reaching 1,353 homes. The Months of Supply metric, which indicates how long it would take to sell all current inventory at the current sales pace, has surged by 120.0% YoY to 4.3 months. This substantial increase suggests a shift towards a buyer's market, where supply outpaces demand.
Market Dynamics
The Median Days on Market for homes in Shreveport is 43, up by 13.0% YoY. This increase indicates that homes are taking longer to sell compared to the previous year. The average sale to list ratio remains relatively stable at 97.4%, with a slight increase of 0.7% YoY. This ratio suggests that homes are selling close to their listing prices.
The percentage of Homes Sold above list price has risen by 2.4% YoY to 15.7%, indicating that a notable portion of homes are still fetching prices above their initial listing. However, the percentage of Price Drops has decreased by 2.5% YoY to 26.0%, suggesting that sellers may be more realistic in their initial pricing.
Lastly, the percentage of homes going off the market within two weeks has declined by 13.6% YoY to 31.6%. This decrease could be indicative of a slower market pace, where homes are not being snapped up as quickly as they were in the previous year.
Conclusion
The Shreveport, LA metro area housing market in August 2024 exhibits a mix of trends. While there are positive signs in terms of Price Per Square Foot and list prices, the overall decline in sales and the increase in inventory and Months of Supply suggest a cooling market. Buyers may find more opportunities with the increased inventory, while sellers might need to adjust expectations in light of the longer time on market and the decrease in Median Sales Prices.
