February 2017 Real Estate Market Update, Mandeville Louisiana

The Real Estate market as of February 2017 is still going strong! Home values for West St. Tammany Parish are up 11.6% compared to the national average. Interest rates are still competitively low and well as inventory levels.

February 23, 2017

The Real Estate market as of February 2017 is still going strong!

According to the National Association of Realtors (NAR) the national average of home sales has increased by 0.7% since February 2016, meaning more homes are selling. Also the National Average US home price is up 5% as of 2016 to $233,900!

Locally, (West St. Tammany Parish, Louisiana) the average home price for 2017 is $264,850 which is 11.6% higher than the national average. We expect to see home values continue to increase this year. If you are interested in learning what your home is worth in today’s market CLICK HERE.

Mortgage Interest Rates as of February 2017 are still competitively low at 4.19% for a 30 yr fixed rate. We do expect interest rates to begin to rise and shift back towards a more sustainable 6% range long term.

If you are thinking about purchasing a home in 2017, take advantage of the low interest rates NOW before the increase happens.

Across the industry, we are still experiencing a Seller’s market. Sellers are reaping the rewards of increased home values and low inventory resulting in a quick selection for buyers.

If you are interested in selling your home by taking advantage of the low inventory levels (less homes for you to compete against) and increased home values, CLICK HERE.

If you are interested in learning more about what is happening in your local market, call us today at 985-778-2525.

Contact us by filling out the form below or calling us at 504-509-4771.

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