One of the perks of working with a real estate agent who really understands the area is having access to expert knowledge about what the market is doing. If you are thinking about buying or selling your home, it’s important to consider the state of the market and how it will affect your situation.
The real estate market in New Orleans is still healthy, but the beginning of Hurricane Season will continue to pull down sales for the next several months. Rates are starting to creep up nationwide, but it hasn’t had a huge impact on the market yet. Overall, our market is strong but we may see prices soften soon.
Let’s break it down and compare how different communities are doing. Assume that we are looking for a home in excellent condition between 1800 and 2800 sqft, and let’s see what we can expect to pay in Lakeview, Old Metairie, and Uptown.
In Lakeview, we can expect to pay $209 per square foot. There’s an average of 31 days on market for a home to sell. This time last year, the average was $198 per square foot and 23 days on the market. Sellers have to wait a little bit longer to find a buyer, but they end up with slightly better prices.
In Uptown, we can expect to pay $282 per square foot and there’s an average of 33 days on the market. Comparing to last year, there was an average of $242 per square foot and 64 days on the market! Sellers in Uptown are enjoying $40 more per square foot and selling their home in half the time.
In Old Metairie, we can expect to pay $212 per square foot and the average days on market is 15. This time last year, the average was $215 per square foot and 64 days on the market. To each their own, but I think a small drop in value is worth nearly two months waiting to sell the property.
It’s clear that the New Orleans real estate market is still strong and doing better than it was this time last year. If you’re interested in buying or selling your home and you want a real estate agent who truly understands the market, give me a call today.