Central City New Orleans :: Real Estate Update

    central city new orleans

    Central City New Orleans Real Estate

    Central City Single Family Home Sales

    After average sold prices dropped in 2016 and 2017, Central City New Orleans has been on a comeback, ending 2018 with an 11.6% increase in single family home prices.

    The number of homes sold has declined from a high of 94 in 2015 to a total of 71 in both 2017 and 2018. Given that as of 3/18/2019 there have been 21 single family homes sold, we might be seeing a slight increase in the number of sales this. But these homes aren’t selling quickly, since average days to sell has risen from 57 days in 2017 to 91 days in 2019. It’s probably worth the wait though, if prices continue to hold steady.

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    Central City New Orleans Multi-Family Home Sales

    While single family home sales are improving in Central City, multi-family properties have taken a big hit in the last 14 months. After peaking at 74 sales in 2016, there were only 12 multi-family sales in all of 2018.

    It’s not for a lack of interest though, it’s a lack of inventory. There have been no listings available for the last 5 months in the area. With the recent changes to short term rental rules, we expect to perhaps see some more doubles owned by out of towners hit the market this year as their licenses expire and cannot be renewed.

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    Can we help you price your Central City home? Call us today at 504-327-5303. 

     

     

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