New Orleans Central City Real Estate
Just a couple of years ago, it appeared that Central City was going to be the belle of the ball as the newest hot neighborhood in New Orleans. But that hasn’t turned out to be the case lately, as we’re watching prices for single family homes continue to drop.
Average sold prices in Central City
After peaking in 2015, prices have steadily declined for the last 2 years and it doesn’t appear that 2018 will be the year of recovery. The average sold price for a home in New, Excellent, or Very Good condition was $269,290 at the end of 2015. As of March 2018, it stands at $191,343. That’s a 28% drop in average sale prices in only 27 months.
Where’s the good news?
It’s taking an average of 58 days to sell a home in Central City and that hasn’t changed for the last 2 years. Also, the number of properties for sale hovers between 45-55 each month, so we aren’t seeing owners dump homes on the market in a panic. But, it’s a buyers market now, with an average of 10-12 months of inventory for sale. That’s fine if sellers have time to wait it out, but given the dropping prices, it’s critical to pinpoint the right listing price and avoid any future losses.
Can we help you price your Central City home? Call us today at 504-327-5303.