It's no secret that these days, buying a home is more expensive than it was for your parents or grandparents.
Statistically, from March until August is the most popular time to buy a house. If you're a buyer who is trying to wait it out until interest rates lower, however, exerts say you're better off just pulling the trigger.
According to Bankrate, the average interest rate nationally sits at 6.88%, a number local realtors say is unlikely to go down anytime soon, despite some ongoing rumors.
Following a slowing real estate market, Acadiana is showing signs of stabilization as we continue into spring and summer months, according to the most recent data from the Realtor Association of Acadiana.
March saw a slight dip in closed sales, with 458 homes sold — down 1.5% from the same time last year. Pending sales are up though, by nearly 18 percent. Ken Simeral, president of the RAA, tells us this suggests buyers are still active and ready to make deals.
"This time of year, right now, we find it's kinda what we'd call a buyer's market," Simeral says. "There's enough inventory right now where people, they have some choices, so they're gonna get some deals from the sellers whether it's a new construction or existing house."
Meanwhile, home prices are holding steady, with the median sales price hitting $230,885, according to the RAA's data. The average for Acadiana? $259,040. Both of these figures are up 1.3% and 1.6% respectively.
The Realtor Association of Acadiana reports homes are indeed taking longer to sell, staying on the market an average of 88 days as per the March 2025 report. That's 20 days longer than March 2024. Simeral says this is status quo for right now — and there's a reason.
"Days on the market right now are up a little bit, but when you're looking at those numbers, you're looking at through the winter months, so three months on the market," he tells us. "30, 60, 90 days would be a little long for the Acadiana market, but it's average right now."
Inventory, while there, remains tight, according to the March numbers. Acadiana is shown with a 4.5 month supply of homes, below the six month benchmark for a balanced market, meaning competition remains, even if things are cooling slightly.
"It's not a seller's market at this moment, but now is the time, people are looking, and people want to be settled in before September when kids go back to school," Simeral says. "For sellers, don't lose the buyer — you wanna keep the buyer — if you want to make some adjustments in your pricing, make some repairs, pay some closing costs, do it."
Whether you're buying or selling, experts say now is a good time to work with a local real estate professional to navigate the shifting market.
