Whether you already own property in Louisiana and plan to stay there for a while, are thinking about moving to Louisiana, or are considering putting your home up for sale, you need to know the ins and outs of the Louisiana real estate market.
Especially if you currently have houses for sale in New Orleans or any other Louisiana counties, you may be struggling to sell your home because you lack knowledge regarding the current real estate market and the factors that influence it the most.
This post is here to serve as your ultimate guide to all things Louisiana real estate.
We’ll also help you learn how you can get a fair and fast cash offer on your Louisiana property if you’re ready to sell right now.
The Basics of Louisiana Real Estate
Before you decide to sell your home or buy a property in New Orleans, you need to have a firm grasp on Louisiana real estate.
Unfortunately, the past few years haven’t been especially strong for the LA real estate market.
While other homes in the country continue to appreciate in value, homes in Louisiana are slated to decrease in value by about 2% in the next year — meaning that Louisiana has one of the fastest-paced home depreciation values in the country.
The median home value in the state is close to $153,000, while the average renter pays just over $1,00 a month. About 60% of residents in the state own their homes.
On average, homes take about 110 days to sell, and often, they sell for about 9% less than the original listing price. The homebuyer market in Louisiana isn’t especially strong right now, and more and more people are trying to sell their homes to at least break even on their properties.
Especially in larger cities like Baton Rouge, new construction on residential buildings and developments is almost constant. While this may be good news for the economy, it does mean that the housing market is oversaturated in larger cities.
The weak real estate is part of the reason why many Louisiana homeowners are opting to sell their homes for cash as opposed to listing it on the market.
Homeowners would prefer to get the best possible offer on their homes and also speed up the selling process. The longer they wait to sell, the more likely it is that their home will depreciate in value.
Education in Louisiana
If you’re interested in land for sale in Louisiana — and especially if you have children that may make the move with you — then we know that you’re curious about the state’s educational opportunities.
The student to teacher ratio is 15:5, and 84% of residents are high school graduates. 23% of residents in Louisiana have a four-year college degree. The state currently has 1,303 public schools in 70 different districts.
Popular colleges include Tulane University, Louisiana State, and Loyola University New Orleans.
Industries and Job Growth
Louisiana is the country’s third largest petroleum supplier, so the oil and natural gas industries continue to reign supreme in this state.
Commercial fishing is also another powerful industry in Louisiana, as much of the country’s seafood is sourced from this state. The petrochemical and agriculture industries are also a huge part of Louisiana’s economy, especially regarding the production of sugarcane.
Some of the fastest growing jobs in the state include working in software engineering and development, home health and physical therapy, and web development.
Of course, much of the state’s revenue comes heavily from tourism, thanks especially to New Orleans.
In terms of the overall economy and job outlook, especially in larger cities like Baton Rouge, things are looking up. In fact, recent reports say that Baton Rouge will add about 8,100 new jobs by 2020.
The unemployment rate in the state has been steadily on the decline for the past few years and now sits at about 4.7%. The average salary for a resident of Louisiana is $46,145, and the cost of living in the state is lower than the average in the United States.
Population Growth and Climate
Currently, there are roughly 4.65 million people living in the state of Louisiana, with a current annual population growth rate of about 0.75%.
There are about 108 people per square mile in the state, and the median age is 36. The majority of people in Louisiana are married.
The state’s climate is especially important when it comes to the Louisiana real estate market, especially because severe disasters like Hurricane Katrina greatly impacted the market, population density, and the economy as a whole.
The good news is that, even with the potential for severe weather, the comfort index is much higher than normal. The average comfort rating in terms of climate and temperature is 54, but Louisiana boats a 68 rating.
Need to Sell Your Louisiana Home Fast?
We hope that this post has helped you to feel like you have a better understanding of the Louisiana real estate market, as well as some of the most important factors that influence home and property values in the state.
If you’re interested in selling your Lousiana home/property as soon as possible — and even if you need to sell in order to avoid foreclosure — we want to help you.
We will make you fair a cash offer on your Louisiana home. We also work with sellers looking to avoid working with a real estate agent and sell their home for cash fast in all 50 states.
Perhaps you’re a real estate investor who is looking for highly motivated sellers that will help you to increase your ROI and grow your business.
We’re also ready to work with you.
We have an A+ rating from the Better Business Bureau, a five-star review on Google, and we put our client experience above everything else.
Reach out to us to learn more about how the process works, and to request your offer from us today.