Shreveport, LA Metro Area Housing Market Analysis - November 2024
The Shreveport, LA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the region stands at $218,000, reflecting a modest year-over-year increase of 1.4%. This indicates a slight upward pressure on home prices despite broader market fluctuations.
Conversely, the Median List Price has decreased by 8.0% year-over-year, now at $230,000. This decline suggests that sellers may be adjusting their expectations in response to market conditions, potentially to attract more buyers. Similarly, the median Price Per Square Foot has decreased by 2.6% to $118.85, while the Median List Price per square foot has seen a slight increase of 0.8%, reaching $130.35.
In terms of sales activity, the number of Homes Sold has risen significantly by 18.5% year-over-year, totaling 321 homes. Pending Sales have also surged by 32.0%, with 367 transactions in the pipeline. This robust increase in sales activity indicates strong buyer interest and a competitive market environment.
New Listings have remained relatively stable, with a slight year-over-year decrease of 0.3%, totaling 349 new properties on the market. Inventory levels have increased by 10.2%, reaching 1,381 homes, which may provide more options for prospective buyers. However, the Months of Supply have decreased dramatically by 30.0%, now at 4.3 months, suggesting a faster turnover of available homes.
The Median Days on Market have increased by 22.0% to 61 days, indicating that homes are taking longer to sell compared to the previous year. The average sale to list ratio has seen a minor decline of 0.2%, now at 96.2%, suggesting that homes are selling slightly below their asking prices. The percentage of Homes Sold above list price has decreased by 2.2% to 8.1%, reflecting a potential cooling in competitive bidding situations.
Price Drops have decreased by 2.2% year-over-year, now at 20.6%, which may indicate that sellers are becoming more realistic with their initial pricing. Additionally, the percentage of homes going off the market within two weeks has decreased by 6.5%, now at 25.9%, suggesting a slower pace in quick sales.
Overall, the Shreveport housing market exhibits a mix of increasing sales activity and price adjustments, with sellers adapting to changing market dynamics. Buyers may find more opportunities with the increased inventory, while sellers may need to be more strategic in pricing to attract offers in a competitive environment.
