Old Metairie is a great place to live for several reasons. You have a historic community that has so much to offer. Along with that, it isn’t far from New Orleans. Even with so much to offer, there might come a time when you need to sell your Old Metairie Home.
Since many consider it one of the best places to live, selling isn’t hard. With that said, you still want to sell at the right time. By picking the right time to sell, you can add a significant amount to the selling price.
Recent trends indicate a strong seller’s market for homes in the Old Metairie area. In this post, I would like to look at factors that indicate a great time to sell in Old Metairie.
Home values have been strong recently. The median home value is a little over $270,000. However, if you look at the median sale price, it is about $360,000. The average listing is about $465,000.
Trends in sale prices also indicate strength. Recent home sales have been for about 97% of the listing price. That is an increase of about 0.09% year-over-year. We also see about 18.9% of homes selling above the listing price. That makes for a 6.6% increase from last year.
The trend is also positive as it concerns square footage. Homes are currently going for about $250 per square foot in Old Metairie. That is up from about $172 per square foot, year over year.
The year built on most area homes is between 1940 and 1999. More than 60% of the houses are single-family dwellings, and close to 60% of homes have three bedrooms or more.
Based on recent sales, there were 106 homes sold in Old Metairie this past February. The average home was on the market for about 28 days before selling, down from 33 days during the same period last year.
While the market in Old Metairie is strong, mortgage interest rates have jumped up to about 2.5% since mid-February, 3% since December. Higher rates will price some buyers out of the market and lower the purchasing power of others. Demand for housing is still strong but with interest rising this fast, how long will the market stay strong? Tough question.
When you look at the trends, you see a competitive housing market in Old Metairie. It isn’t hard to see why. It is a great place to live, and the homes are beautiful.
Borrouso Realty can help you sell your Old Metairie home. Since we operate in the area, we know the community well. Contact our team to learn more about what we can do to help you sell your home.