French Quarter Condo Prices
Demand for condos in the French Quarter has been soaring over the last couple of years, clearly reflected in the increase in median real estate prices in the neighborhood and the reduction in the number of available condos.
November 2012 vs November 2013: The median French Quarter condo price has risen 43.9% over the last 12 months.
Median price 11/2012: $178,000
Median price 11/2013: $252,000
During this same 12 month period, the number of properties for sale dropped by 38.7% while the number of pending sales increased by 15.5%.
What does this mean to buyers in the area? If you find something you like, you may not have time to sit back and think about it. It’s still a balanced market, favoring neither buyers nor sellers, but any time inventory starts dropping, it can quickly move into a seller’s market from month to month.
Need someone to help you find the right place? Give us a call at 504-327-5303 and we’ll set up your personal tour of available properties that fit your wants, needs and budget.