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What we do know is that market conditions in 2023 kept many potential buyers and sellers on the sidelines while interest rates and insurance premiums remained high. Locally, home prices edged up around 2.5% on average.
There is growing consensus that interest rates should trend downward in 2024, though no one expects a return to 2-3%. In Louisiana, the newly elected commissioner of insurance has already begun working with incoming legislators and engaging with industry executives to explore ways to increase the number of carriers writing homeowners policies, creating competition and driving prices lower.
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– Marty Brantley, Engel & Völkers New Orleans