DeRidder Market Update: Inventory Rises, Negotiations Take Center Stage (February 2024)

The DeRidder real estate market is showing signs of a shift in 2024. While still a seller’s market overall, some key metrics indicate a more balanced playing field for buyers. Let’s delve into the latest trends:

• Inventory on the Rise: One of the biggest changes is the increase in available homes. Compared to January 2024, inventory has increased 2% to 4.23 months of supply. This means buyers have more options to choose from and potentially negotiate a better deal.
• List to Sold Price Adjustment: Reflecting the rise in inventory, the list to sold price ratio has dipped slightly. Currently, homes are selling at an average of 97.1% of their asking price, down 2.13% from earlier this year. This suggests sellers may need to be more flexible in their pricing strategies.
• Taking More Time to Find a Buyer: The median days on market has also seen an increase. Homes are now taking a median of 54 days to sell, which is a 25% jump from January. This could be due to the wider selection available or a more cautious approach from buyers due to rising interest rates.
• Solid Median Sold Price: Despite the adjustments, the median sold price in DeRidder remains healthy at $236,000. This indicates continued buyer demand for the area.

What it Means for Buyers and Sellers

• Buyers: With more choices and potentially more room for negotiation, this could be a good time to enter the DeRidder market. However, be prepared to move quickly on properties that meet your needs, as good deals are likely to generate interest.
• Sellers: While the market still favors sellers, it’s crucial to price your property competitively and be open to negotiations. Consider completing minor upgrades to attract buyers in a market with growing inventory.

Overall, the DeRidder market is transitioning towards a more balanced state. This presents opportunities for both buyers and sellers who are willing to adapt their strategies to the current conditions. By working with a skilled negotiator, you can ensure a successful and stress-free experience, regardless of whether you’re buying or selling your home. Call one of our experienced professionals at 337-239-2041 or 337-462-2041.

_{Source:RPR Market Trend Report 4-1-24}