The National Association of Realtors has released its latest quarterly report for 2024. Below are some local and national updates you may find of interest.
- 90% of metro markets posted home price gains in the Q1 2024
- Interest rates in the Q1 2024 ranged from 6.60% to 6.94%
- 30% of the 221 metro markets tracked had double-digit price gains, up from 15% of markets in Q4 2023
- 7% of markets experienced price declines, down from 14% compared to 4th Q 2023
- The national median existing single family home price climbed 5% to $389,400 compared to one year ago
- The monthly mortgage payment on a typical existing single family home with 20% down was $2,037 --- Down 5.7% from Q4 2023 ($2161) but up 9.3% ($171) from one year ago
Locally:
- Baton Rouge did not post a price gain
- The median price in Q4 2023 was $262,900; decreased 1.1% in Q1 2024 to $260,000
- The monthly mortgage payment in BR area was $1361, down $14 from Q4 2023
What does this mean?
- Take a look at what your equity may be in your existing home (we can help with this!)
- If you are considering selling your home, now is the time while values remain high
- The equity you have gained can be applied to your new mortgage
- If you are considering buying, rates are more favorable today than last year. Lock in now and if rates rise, you are in good shape; if rates decline, you are in good shape and can refinance to the lower rate
- Real estate is fluid. There is no time like the present to make the move ... whether buying, selling or investing.
Who is your Unsung Hero?
