Home Values Rising in Louisiana Amid Coronavirus Crisis
See how the housing market is doing in the Pelican State during COVID-19.
Current home values in Louisiana
Home values have been rising throughout Louisiana and are up 15.9% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $304,795, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Louisiana: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $304,795 home at 3.33% would give a typical Louisiana homebuyer a monthly payment of $1,072, assuming a 20% down payment.
How the Louisiana housing market stacks up
People can enjoy a quiet life in Louisiana or a more active life in a nearby city
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Louisiana, they're predicted to rise 3.7%.
Homes right now are going on the market in Louisiana at a median price of $119 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Louisiana home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $169,910 |
| 2019 | $146,650 |
| 2018 | $145,292 |
| 2017 | $140,342 |
| 2016 | $133,692 |
| 2015 | $127,175 |
| 2014 | $123,450 |
| 2013 | $120,600 |
| 2012 | $118,458 |
| 2011 | $120,742 |
| 2010 | $124,800 |
| 2009 | $125,375 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Louisiana is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $298,012 |
| 2019 | $232,500 |
| 2018 | $232,500 |
| 2017 | $225,000 |
| 2016 | $217,500 |
| 2015 | $207,500 |
| 2014 | $205,000 |
| 2013 | $200,000 |
| 2012 | $200,000 |
| 2011 | $202,500 |
| 2010 | $210,000 |
| 2009 | $207,500 |
*2020 price average through March 31, 2020.
