New Orleans Real Estate Market Update
Single family homes sold in Orleans Parish 2017
There was just a smidge of growth in the number of single family homes sold in New Orleans in 2017. There were 3,073 units sold last year, compared to 3,019 in 2016, an increase of just 54 homes.
This continues the trend of small, incremental increases we’ve seen over the last 4 years in the city. At the same time, condo sales increased from 487 in 2016 to 496 in 2017.
An interesting note is that in January of 2017, there were 373 new listings that entered the market. As of January 24, 2018, there have been only 285 new listings this year. March is traditionally the month that the highest number of homes hit the market, so expect that number to increase substantially in the next 60 days.
Average New Orleans Home Prices
While the number of homes sold went up, the average price dropped by $348. It’s an inconsequential amount, but it’s a reflection of some slowing in the market last year.
Condo prices dropped from an average of $359,335 in 2016 to $349,742 in 2017. That’s a 2.6% decrease in average condo prices.
Time to sell a New Orleans home
The time it takes to sell an average New Orleans home inched up from 65 days in 2016 to 68 days in 2017.
The average time to sell a condo moved from 74 days in 2016 to 87 days in 2017. Much of this can be attributed to the slowing of Warehouse District sales.
What does all of this mean?
Basically, the market has flattened. But that’s not the case for affordable homes, which are still in high demand. If you live in an under $250,000 neighborhood and are ready to sell, be prepared for it to happen quickly.
Need help? We’re here when you’re ready. Call 504-327-5303 and we’d be happy to chat about your wants, needs, and options.