Home Prices Dipped in May, Reflecting a Slight Slow Down in Real Estate Activity for Caddo Parish
The median home in Caddo Parish, Louisiana, was listed for a lower price in May when compared to previous months. The median home list price for May was $201,250, signifying a drop of 2.7% from the previous month’s $206,750, as per data analyzed from Realtor.com.
Interestingly though, compared to the same period the previous year in May 2023, which stood at $189,975, the median home list price rose by 7.4%. This data pertains exclusively to houses listed for sale in Caddo Parish and does not regard houses that have been sold.
Key Statistics for Caddo Parish’s Real Estate in May
In terms of size, the median home in the area was approximately 1,739 square feet, going for the price of $111 per square foot. This indicates an increase of 9.5% in price per square foot compared to May 2023.
In contrast to the national median of 44 days on the market for May, listings in Caddo Parish took longer to find buyers, sitting at a median of 57 days on the market, similar to the previous month’s median. The number of new listings in May was 258 homes, marking a 4.4% decrease from the 270 new listings in May 2023.
State and National Median Home Prices
At the broader level, across the Shreveport-Bossier City metro area, median home prices took a downward slope, falling slightly to $239,800. In Louisiana, the median home list price recorded at $285,000, a minor bump up from April’s average. Conversely, the United States’ median home price mildly increased from the month prior to average $442,450.
It’s noteworthy to understand the median home list price as being the midpoint of all the houses or units listed over a given period of time. Unlike an average list price, which accounts for the sum of all listing prices divided by the number of homes sold, the median offers a more accurate picture of the market, as it is not influenced by particularly low or high prices.
Caveat for Data Interpretation
The median home prices from Realtor.com may not represent all homes in the market as the data only includes single-family homes, condominiums, or townhomes. The prices and volume in focus here encompass existing homes but notably do not include most new construction, pending sales, or contingent sales.