The market is finally starting to look good across the state! 

Greater New Orleans is now starting to stabilize as a balanced market with a slight buyer's advantage (6.5 months' supply of inventory) that closely leans into a seller’s market for some areas and price points.

A market listing lasts an average of 104 days (4584 active, 90% available).

Markets are starting to shift in most parts of Louisiana towards a seller’s market, with West St. Tammany currently leading the charge at *4.9 months’ supply of inventory,(and can even down up to 4 months supply of inventory for houses less than $500k). The average sold prices at the area with these specific prices are sitting at ~$299k with an 88.80% Sold to Active Price Ratio.
Homes under ~$200k in this area averages at ~187k per closing, with 96.64% Sold to Active Price Ratio for homes less than $200k

However, the buyer still holds the market for most of the South shore, specifically in Orleans county with an active inventory supply of *10.4 months, which easily skyrockets to 11 months in inventory for houses priced at $500k above. Average sold prices for properties within the $200k-$500k mark is close at $330,004 which only falls out a bit during closing at ~96% than the properties’ original price on average at closing.

Notable Market statistics for other parishes:

Are you in a buyers’, or a seller’s market - and why is it important

It's important to understand if you're targeting a seller's or buyer's market. The ideal housing inventory should be 4-5 months; anything less than that will result in a seller's market (which means you will most likely be competing with a large number of buyers due to low inventory) or a buyer's market (5+ months in inventory supply means there are more houses than there are sellers, so a lot to choose from!)

What’s Next for you?

If you were able to pick your area, it's critical to understand that you must carefully plan your next steps based on market conditions. If you don't thoroughly research the market or consult with a highly experienced Real Estate agent in the area, you risk overbidding in buyer's markets or losing bid wars in seller's markets. It is critical to understand where you stand and what you can possibly obtain in addition to the dream home you have been pursuing for quite some time.

If you’re buying in an area with a seller’s market, it is important to:

1.) Have the best payment option available 

You have to understand that you will be facing a lot of sellers that are interested in limited properties in an area, so offering to pay for cash is always ideal. However, there are a lot of home financing options available - You can always reach out to a trusted real estate agent (like us!) for a consultation

2.) Get Your Offers Fast!

You're entering into a deal with likely motivated buyers; you'll need to out-motivate them to get your dream home! Get your offer in (with a perceived counter, if possible), get involved in the process, avoid squandering your hard-earned deposit, and the rest should go smoothly if you have the right buyer's agent for the job!

3.) Check Everything During Showings

In a market where homes sell quickly, you don't want to walk away from a deal because of an unexpected repair cost that the sellers are unwilling to take care of. Check every nook and cranny for these items with your showing agent (especially during open houses) to ensure that you get the dream home you want - without the extra baggage!

If location is important to you and you're willing to enter the buyer's market, make sure to take advantage of all available incentives, such as seller concessions, loan advantages, free appliances, and furniture, among other things! Make sure to obtain a detailed market report on how much houses sell in a specific area, including the price of active, pending, and sold units.

This is a critical moment that requires expert guidance. To get the best advice based on where you intend to buy your home, contact your local lender and the best real estate agents around! Never enter the real estate market without first conducting research this year; the market trends will likely be good, so people who know a lot about it will do well!

*Based on actual Marketing data presented by AreaPro as of 2/15/2024. Reach out to information@thewilliamsteam.com to get the downloaded market statistics!