Lower Rates Mean a Good Time to Buy in Shreveport-Bossier

SHREVEPORT, LA - Mortgage rates are falling and that is spurring more activity in the real estate world. Scott Hughes with the Northwest Louisiana Real Estate Association tells KEEL News sales are up by about 20% in this region from one month ago.

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450 units sold in July compared to 361 in June. In July of 2023, 387 homes were sold in northwest Louisiana. That means we have seen a 16% increase from the same month from a year ago.

Since January 2638 homes have sold across the region.

What's the Average Price of a Home in Shreveport Bossier?

The average price right now is up to $262,113.  Last month, we were paying on average about $258,085 for a home. One year ago, the average price for a home was $247,014. So prices are up by about 6% from last year.

These lower rates are beginning to fire up sales and that is expected to continue over the next few months. We are expecting the Fed to lower rates and that will spur even more activity.

What Are the Biggest Housing Hurdles in Shreveport Bossier?

Hughes tells us rent prices are up considerably and he expects that to be a continuing problem. He says the recent problems we have had with out of state owners not taking care of apartment complexes will limit the inventory of rental units. He says that will drive up the prices for other rental properties. But he agrees with the city's actions to hold those out of state "slum lords" accountable.