The Louisiana real estate market in 2024
10/8/23
The Louisiana real estate market is expected to follow the national trend in 2024, with continued moderation of home price growth and a slight increase in inventory. However, there are a few factors that could impact the local market in unexpected ways, such as the oil and gas industry, which is a major driver of the Louisiana economy.
Oil and gas industry
The oil and gas industry is a major driver of the Louisiana economy. If the industry does well in 2024, it could lead to increased demand for housing and higher home prices. However, if the industry does poorly, it could lead to decreased demand for housing and lower home prices.
Interest rates
Interest rates are expected to continue to rise in 2024, but at a slower pace than in 2023. This will make it more expensive to borrow money to buy a home, but it will also make it more attractive for savers.
Inventory
Inventory levels are expected to increase slightly in 2024, as more homeowners put their homes on the market. This will give buyers more options to choose from, but it will also make it more competitive for sellers.
Overall
Overall, the Louisiana real estate market in 2024 is expected to be competitive, but less so than in recent years. Buyers and sellers should both be prepared for a more balanced market.
Tips for buyers and sellers
For buyers: Be prepared to act quickly and make a competitive offer. Be pre-approved for a mortgage before you start shopping for a home. And be flexible with your move-in date.
For sellers: Price your home competitively and make sure it is in good condition. Be prepared to negotiate with buyers. And be patient, as it may take longer to sell your home in the current market.
If you are thinking about buying or selling a home in Louisiana in 2024, be sure to work with a qualified real estate professionals who can help you navigate the market and achieve your goals.