What's Happening?
In Terrebonne Parish, Louisiana, the median home price for listings in September was $229,000, slightly down from the previous month's $229,500. Compared to September 2024, the median price slightly decreased
from $229,625. The median home size was 1,791 square feet, with a price of $136 per square foot, mostly unchanged from the previous year. Homes were listed for a median of 101 days, significantly longer than the national median of 62 days. The number of new listings in September was 88, an 18.9% increase from the previous year.
Why It's Important?
The slight decrease in median home prices in Terrebonne Parish reflects broader trends in the U.S. housing market, where prices have slightly decreased nationwide. The stability in price per square foot suggests that while overall prices are decreasing, the value of space remains consistent. The significantly longer listing duration compared to the national average could signal a slower market, potentially influencing seller strategies and pricing adjustments. The increase in new listings suggests a growing inventory, which could further affect market dynamics and competition.
What's Next?
As the housing market in Terrebonne Parish continues to evolve, buyers may find more opportunities to purchase homes at competitive prices. Real estate agents and sellers might need to adjust their strategies to attract buyers in a market with increasing inventory and longer listing durations. Monitoring future trends in median prices and listing durations will be crucial for stakeholders to understand the changing market dynamics. Additionally, any changes in national economic policies or interest rates could further influence local housing trends.
