The Bayou State is one of the most unique states in the U.S., with a rich history and culture that rivals entire countries. From jazz and zydeco music to crawfish and beignets, the list of Louisiana’s contributions to American culture is long and varied. But culture isn’t the only reason that people move to Louisiana.
Economists say the state emerged from a moderate recession last year and is now adding jobs at an impressive pace. In addition to that, there’s been an unprecedented surge in industrial investment in the state; over $170 billion is being put into expanding Louisiana’s ports and other infrastructure. The upshot is that the state’s economic outlook is rosy, and looking better by the day.
The housing market is similarly healthy, but like any local market, it’s subject to unpredictable fluctuations. But understanding overall trends in local markets could save you a lot of time and money.
2019 Real Estate Market Forecast for 2019
The median value of homes in Louisiana is $145,900, according to May data from Zillow. Louisiana home values have increased by 1.2% since 2018, with a slight decrease of 0.9% projected over the next year.
While most of the national housing market is expected to fall off the steep growth of the past few years, Louisiana’s decline could be affected by unique regional factors. As some of the effects of climate change have become more noticeable, Louisiana has received special attention for its vulnerability to coastal erosion and catastrophic flooding. Though the state is taking measures to mitigate these dangers, these headlines could scare off some potential home buyers, depressing prices.
While the data indicates we could be entering a buyer’s market, buyers should be careful to do their own research, to make sure their Louisiana investments are projected to be safe in the long term.
When Is the Best Time to Sell a House in Louisiana in 2019?
Using data from the New Orleans market, which is the state’s largest, May is the best time to sell a house in Louisiana for the most possible profit. Homes sold for 6.6% more in May than the yearlong average.
If it’s a fast sale you’re looking for, the month of June should be your target month; homes sold 6.8 days faster than the yearlong average in June.
This matches general nationwide trends that show spring and early summer to be the hottest time of year for selling a home. The improved weather encourages people to go to open houses and the post-holiday financial hangover has worn off.
Speaking of the post-holiday financial hangover, the worst time to sell a house in Louisiana is the month of January, when homes sold for 9.5% less than the yearlong average. Home sales are generally not great early in the year. If you’re looking for a quick sale, avoid the month of March, when homes take 19 days longer than average to sell.
When Is the Best Time to Buy a House in Louisiana in 2019?
Early spring and summer are a very strong seller’s market in Louisiana, with houses moving quickly and selling above their asking prices. If you’re a buyer, you want to try and avoid this window of high demand, and look for down periods, when there will be less competition pushing up prices.
In Louisiana, that means the January to March period is the best time to buy. Homes sell for nearly 10% less than average in January, which is a massive discount on an investment as large as a home. And in March, homes take almost three weeks longer than average to sell. Sellers know that the longer their home is on the market, the lower the odds of an eventual sale, so with every day that passes, they become more and more open to negotiation.
You might also consider looking at houses the week of Christmas. This is probably the period of lowest demand in the entire year and sellers will likely jump at any offer they receive. If you find a home you like, you’ll probably have few competitors, if any, and you could find yourself signing before the beginning of the new year.
Whether you’re buying or selling, timing is going to be one of the most crucial elements of your process. Understanding the market’s fluctuations can make the difference between closing a deal at your ideal price or losing money.
The best way to time the unique Louisiana market is to partner with an experienced, local real estate agent. A seasoned Louisiana agent has shepherded dozens if not hundreds of sales to completion. They will be able to pinpoint the exact day to put your home on the market to get the most interest or advise you on the perfect week to start your home search so that you’ll face the least competition.
Clever Partner Agents are top performers in their respective markets and come from elite brands and brokerages. Whether you’re looking to buy a sleek loft in downtown New Orleans or sell a rambling Victorian in Baton Rouge, they can help you achieve the best possible outcome.