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.