Caddo Parish Housing Market Experiences Decline in Home Prices Amid Fewer Sales in August

Caddo Parish Housing Market Sees Mixed Results in August

In the lively city of Shreveport, the real estate market has stirred up quite a conversation lately. According to the latest data from Realtor.com, potential buyers and sellers in Caddo Parish are seeing some significant changes in home prices. As of August, the median price for homes sold dipped to $175,000, a notable decrease of 7.8% from the previous month’s median of $189,900.

What Does This Mean for Buyers and Sellers?

This drop in the median sales price could be a double-edged sword for those involved in the housing market. On one hand, buyers might see this as a prime opportunity to snag a home at a lower price. On the other hand, sellers may feel the pinch as they watch the value of their homes decline. It’s certainly an interesting time to be in the market!

When we zoom in further and look specifically at single-family homes, the median price saw a similar downward trend. The price fell to $180,000 in August, a decline of 7.7% from $195,000 in July. However, if we take a step back and look at the year-on-year figures, things are looking slightly up as this median price has actually risen 2.6% from $175,500 compared to August 2023.

Condominiums and Townhomes on the Rise

condominiums and townhomes saw a remarkable surge. In August, their median sales price jumped to $140,900—an astonishing increase of 98.5% from July’s figure of $71,000. Furthermore, this marks an 18.4% increase from the August 2023 price of $119,000.

Despite these impressive gains, it’s worth noting that no high-end properties, specifically homes valued at over $1 million, were sold in August, whether they were single-family homes, condos, or townhomes.

Fewer Homes Sold Overall

65.8% compared to August 2023, dropping from 219 sales to just 75. In total, all residential home sales in the parish tallied up to $17.8 million.

How Does Louisiana Compare?

$225,000 in August, which is down 2.2% from $230,000 in July. Notably, the state experienced a remarkable decline in the number of recorded sales, down 71.5% from 4,071 sales in August 2023 to just 1,160 this August. The total value of residential home sales in Louisiana plummeted by 72.5% from $1.1 billion in July to $311.6 million this month.

Interestingly, the statistics show that approximately 1.03% of the homes sold were priced at a million dollars or more, a slight drop from 1.18% in August 2023. Single-family home prices across Louisiana also mirrored the downward trend, decreasing to a median of $229,900, representing a 2.2% drop from July’s figure of $235,000.

Looking Ahead

Author: HERE Shreveport