“How is the market?” you ask? It’s doing great!
This information covers the Houma. The numbers are compiled from sales and listings in the month of June, 2023.
The Houma market is moving towards equilibrium, otherwise known as a balanced market. Figure: 1 shows that we are still in a Seller’s Market but moving towards a balanced market.
There are 4.88 months of inventory on the market for sale, up 17.59% over May, 2023. This means that more homes are being listed for sale and are available to be purchased.
The List to Sold Price Ratio is at 97.1%, meaning that the average price properties are closing at is 97.1% of the original list price. Stated in other words, the sale price is averaging about 2.9% below the list price.
The Median Days value is the value at the midpoint of the number of days properties are on the market. For June, that was 17. That means some sold quicker and some took longer to sell.
The Median Sold Price was $230,000. That value is up 4.93% month over month, indicating that prices are still rising. This is supported by Figure: 2.
Figure: 2 shows Median Estimated Value of homes. This is based on the source’s (Realtor’s Property Resource) valuation models. The chart compares Houma to Terrebonne Parish, Louisiana, and the whole USA.
June’s Median Estimated Value is $220,860, up 0.4% month over month. This is also up 8.8% over the last twelve months.
Interesting Observations: Houma & Terrebonne Parish data track almost in lock-step due to Houma making up the majority of Terrebonne Parish’s data. Both tend to track with a similar trend as the whole state, but Houma is slightly more affordable.
The other thing I’d like to point out here is how the Houma Market is not as volatile as the whole US Market. US Values peaked in July/August of 2022 then dropped, in addition to being way higher than both Louisiana and Houma Median Home Values.
My interpretation of this information is that we don’t see the price shocks some parts of the country have been experiencing recently. We do have some changes, but nowhere near as wild as the east & west coasts or major markets.
So, if you are interested in buying a home, there are deals to be had as more inventory comes on the market.
If you are considering selling, there is still time to harvest your equity and get top dollar for your home.
Give me a call, shoot me a text, or send me an email if you’d like discuss any of this.
Clint C. Galliano, REALTOR®
Licensed by the Louisiana Real Estate Commission
Keller Williams Realty Bayou Partners
307 Bayou Gardens Blvd
Houma, La 70364
Each Office is Independently Owned & Operated