Considering a leap into homeownership in 2024?

It’s an exciting leap from last year, but that doesn’t mean we’re in the clear yet!
It’s always not just about finding a place; it's about making a wise decision in a changing market. That's where trusted Realtors in Louisiana come in (just like us), guiding you through the process.

It's always more than just numbers; it's about getting the hang of the location’s market trends overall. It's a blend of making informed choices and understanding the unique dynamics of the Real estate in Louisiana.

Join us as we peel back the layers to reveal the opportunities and challenges that await you in the Louisiana real estate landscape of 2024.

Let’s see if homeownership in 2024 is an adventure worth taking.

Predictions from 2023

Navigating Louisiana’s housing market waters in 2023 was no small feat, with mortgage rates reaching all-time heights and home prices soaring. But what can we truly expect in 2024?

Reluctant 2023 sellers are most likely going to re-enter the market, fueled by new opportunities and a desire for less expensive locations.

As the economic winds shift, a rising tide of home buyers is expected to return to the market, having been deterred by historically high-interest rates. Meanwhile, another form of buyers, called “iBuyers” would take center stage, seizing opportunities as they deal with losses and make lowball offers to take on the ever-changing real estate market. The stage has been set, and 2024 promises to be another complex chapter in Louisiana’s housing market.

Another wildcard thrown in the mix would be the new home constructions, which are expected to gain traction this year as they have accounted for 12.3% of purchases in September 2023, (the highest since 2022). A fierce competition between builders and sellers for prospective buyers is on the horizon, fueled by a 2023 trend of offering $30,000 in concessions to entice buyers.

Meredith Whitney, known for her accurate foresight into the 2008 financial crisis, predicts a potential surge of 30 million housing units as baby boomers seek to downsize. Unstable mortgage interest rates in 2023 are likely to stabilize in Q2 2024  and remain just over 6%.

The softening labor market and a slowing economy contributed to a drop in mortgage rates to ~7.35% in November 2023, re-igniting the interest of house hunters. However, home prices continue to loom large, with experts foreseeing a sustained upward trajectory until the delicate balance between supply and demand tips.

Louisiana - A Current state of affairs

Louisiana has a lot to offer, with a home average value of around $192,800 & a living cost that's pretty reasonable.

It's a lively state with a mix of cultures, from French Caribbean styles to Mardi Gras celebrations. You get a taste of Cajun food, rich jazz history, and lots of festivals. The landscapes, from bayous to swamps, are great for wildlife and fishing fans. If you're thinking about making Louisiana your home, you might want to check out the houses for sale.

Living here has its upsides - Homes are affordable, with a median price of approx $240k. Daily expenses, like groceries and utilities, won't break the bank. Transportation is budget-friendly too, thanks to lower gas prices from the state's oil refineries. With an average annual income of ~$64k, the cost of living in Louisiana is balanced, making it attractive for both locals and newcomers.

But, like anywhere, there are some things to consider. The weather can be unpredictable, and there are still concerns about crime and safety, especially if you’re looking for a place in the South Shore. Some people feel there are limited job opportunities. Despite these challenges, Louisiana's unique blend of affordability, culture, and way of life still draws people in. So, if you're on the lookout for a home, exploring houses for sale in Louisiana might just uncover a place where your budget meets a vibrant way of life.

Our Final Verdict?

When the market is this unpredictable, it is always wise to seek professional advice. However, if you're financially secure, have an exciting career waiting for you in the state, and don't mind having limited options due to the increasing number of buyers in the area, 2024 could be an excellent time for you to find your next home or expand your real estate portfolio.

Find a local specialist in the area who can give you the right price point so you can get the best deal in town. With thorough preparation that resulted in approximately $1.5M in volume within the first 10 days of 2024, your real estate plans will not only become successful but also quick one, if expert guidance is what you’re looking for!