Stacker Studio

Hammond weekly real estate update

Written by:
June 25, 2022
Pattie Steib // Shutterstock

This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.

Hammond weekly real estate update

As mortgage rates rise in concert with The Fed’s rate hikes this month, fears about the American housing market pricing out tens of millions of would-be homebuyers continue to fester.

The interest rate on a 30-year fixed rate mortgage is hovering around 6%.

And not only is it becoming more expensive to borrow money, but most real estate investors and builders have said they don’t anticipate housing prices will drop significantly but will instead grow at a slower rate.

There are signs this week, however, that the real estate market is shifting ever so slightly toward the buyer. May data shows home builders have started lowering prices for newly built homes as demand has cooled.

Home sales in May were down 8.6% year over year, according to the National Association of Realtors. It’s the fourth-straight month of declining activity. May also saw the median home price break $400,000 for the first time in history.

"We’re not going to see distressed sales, but we could see a decline in prices if the economy is hurt so bad that buyers just can’t afford the high prices that sellers want,” Redfin’s chief economist said this week in response to the release of housing data from May.

To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Hammond, LA metro area using data from Redfin. Statistics are as of the four weeks ending June 19, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

1 / 6
Konstantin L // Shutterstock

Median sales price

Hammond, LA metro area:
- Median sales price: $240,950
- One-year change: +12.1%

Metros with highest median sales price
#1. San Francisco, CA metro area: $1.6 million
#2. San Jose, CA metro area: $1.5 million
#3. Santa Cruz, CA metro area: $1.2 million

Metros with lowest median sales price
#1. Davenport, IA metro area: $127,375
#2. Bay City, MI metro area: $136,438
#3. Cumberland, MD metro area: $138,338

2 / 6
Volodymyr Kyrylyuk // Shutterstock

Median sales price per square foot

Hammond, LA metro area:
- Median sales price per square foot: $142
- One-year change: +16.7%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,111
#2. Kahului, HI metro area: $945
#3. San Jose, CA metro area: $917

Metros with lowest median sales price per square foot
#1. Pine Bluff, AR metro area: $86
#2. Carbondale, IL metro area: $86
#3. Peoria, IL metro area: $87

3 / 6
scarp577 // Shutterstock

Sales to list price ratio

Hammond, LA metro area:
- Average sales to list price ratio: 0.99
- One-year change: -0.00

Metros with highest sales to list price ratio
#1. Rochester, NY metro area: 1.17
#2. Buffalo, NY metro area: 1.11
#3. Oakland, CA metro area: 1.10

Metros with lowest sales to list price ratio
#1. Springfield, MO metro area: 0.91
#2. Pine Bluff, AR metro area: 0.96
#3. Lake Charles, LA metro area: 0.96

4 / 6
ungvar // Shutterstock

Homes sold with price drops

Hammond, LA metro area:
- Homes sold with price drops: 12.5%
- One-year change: -2.1%

Metros with most homes sold with price drops
#1. Beaumont, TX metro area: 25.9%
#2. Grants Pass, OR metro area: 25.6%
#3. The Villages, FL metro area: 25.4%

Metros with least homes sold with price drop
#1. Springfield, MO metro area: 0.0%
#2. Elkhart, IN metro area: 0.0%
#3. Columbia, MO metro area: 0.0%

5 / 6
4 PM production // Shutterstock

Off market in two weeks

Hammond, LA metro area:
- Off market in two weeks: 60.2%
- One-year change: -7.1%

Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 87.0%
#2. Kalamazoo, MI metro area: 80.3%
#3. Wichita, KS metro area: 80.1%

Metros with the least homes off market in two weeks
#1. Urban Honolulu, HI metro area: 1.6%
#2. Oshkosh, WI metro area: 3.9%
#3. Corvallis, OR metro area: 4.0%

6 / 6
FOTOGRIN // Shutterstock

Months of supply

Hammond, LA metro area:
- Months of supply: 6.6 months
- One-year change: -0.0 months

Metros with the most months of supply
#1. Lake Charles, LA metro area: 220.1 months
#2. Springfield, MO metro area: 71.1 months
#3. Joplin, MO metro area: 47.8 months

Metros with least months of supply
#1. Greenville, NC metro area: 3.6 months
#2. Wichita, KS metro area: 4.0 months
#3. Columbus, IN metro area: 4.0 months

Explore by Metro

Acadia Parish

Explore

Alexandria

Explore

Allen Parish

Explore

Ascension Parish

Explore

Assumption Parish

Explore

Avoyelles Parish

Explore

Baton Rouge

Explore

Beauregard Parish

Explore

Bienville Parish

Explore

Bossier Parish

Explore

Caddo Parish

Explore

Calcasieu Parish

Explore

Caldwell Parish

Explore

Cameron Parish

Explore

Catahoula Parish

Explore

Claiborne Parish

Explore

Concordia Parish

Explore

De Soto Parish

Explore

East Baton Rouge Parish

Explore

East Carroll Parish

Explore

East Feliciana Parish

Explore

Evangeline Parish

Explore

Franklin Parish

Explore

Grant Parish

Explore

Hammond

Explore

Houma

Explore

Iberia Parish

Explore

Iberville Parish

Explore

Jackson Parish

Explore

Jefferson Davis Parish

Explore

Jefferson Parish

Explore

LaSalle Parish

Explore

Lafayette

Explore

Lafayette Parish

Explore

Lafourche Parish

Explore

Lake Charles

Explore

Lincoln Parish

Explore

Livingston Parish

Explore

Madison Parish

Explore

Monroe

Explore

Morehouse Parish

Explore

Natchitoches Parish

Explore

New Orleans

Explore

Ouachita Parish

Explore

Plaquemines Parish

Explore

Pointe Coupee Parish

Explore

Rapides Parish

Explore

Red River Parish

Explore

Richland Parish

Explore

Sabine Parish

Explore

Shreveport

Explore

St. Bernard Parish

Explore

St. Charles Parish

Explore

St. Helena Parish

Explore

St. James Parish

Explore

St. John the Baptist Parish

Explore

St. Landry Parish

Explore

St. Martin Parish

Explore

St. Mary Parish

Explore

St. Tammany Parish

Explore

Tangipahoa Parish

Explore

Tensas Parish

Explore

Terrebonne Parish

Explore

Union Parish

Explore

Vermilion Parish

Explore

Vernon Parish

Explore

Washington Parish

Explore

Webster Parish

Explore

West Baton Rouge Parish

Explore

West Carroll Parish

Explore

West Feliciana Parish

Explore

Winn Parish

Explore

Trending Now