New Orleans Condo Market
New Orleans may have been late to the condo game, but we are holding steady now that there are actual condos to choose from in the city.
The big jump in sales started in 2011 and kicked into high gear in 2012, with a 20% increase in the number of units sold in Orleans Parish.
As the number of units sold has increased, so has the impact on sales volume. Back in 2009, there were just over $101,000,000 in condo sales. As of 12/15/2014, there have been over $170,000,000 in sales. That’s a 70% increase in dollar volume – a significant number by any standard.
What’s driving the New Orleans condo market?
- Young people moving to the city that don’t want to deal with the typical maintenance issues of owning a home
- Retirees downsizing from the big house to a condo
- The general move of people from the suburbs into the city center, with a focus on walkability and access to entertainment and dining
- Availability – the more units available, the more choices people have in where and how they choose to live