Mid City New Orleans Real Estate Market

Mid City New Orleans - Bayou St John

Mid City New Orleans Home Sales

Prices of homes in Mid City New Orleans have been steadily appreciating over the last 2 years, while available properties have been dropping.

Single Family Homes in Mid City New Orleans

Median sale price Jan 2012: $82,000
Median sale price Jan 2013: $135,000
Median sale price Jan 2014: $225,000

From January 2012 to January 2014, the median sale price of a single family home in Mid City rose by $143,000 (174%). During the same time, the number of available homes for sale dropped from 125 to 73 (41.6%). Currently, there is a 5.9 month supply of homes for sale, making it a fairly balanced market that slightly favors sellers over buyers.

Condo Sales

Median sale price Jan 2012: $53,000
Median sale price Jan 2013: $146,000
Median sale price Jan 2014: $284,000

Condo sales have exploded in the area, with median prices rising over 435% in the last 2 years. Inventory has dropped from 33 available units in January 2012 to 15 in January 2014. Inventory has jumped around, but as of January of this year, there was 6 month supply of condos for sale, which is considered a balanced market for condos.

Multi-Family Homes (doubles only)

Median sale price Jan 2012: $70,000
Median sale price Jan 2013: $171,000
Median sale price Jan 2014: $121,000

Prices of doubles in Mid City have jumped around over the last 2 years, but have seen an overall increase in values of 72.9%.  Inventory has dropped from 130 units available in January 2013 to 69 listed for sale in January 2014, a decrease of almost 47%. Although we saw a spike in inventory during 2012, it dropped off during 2013 and as of January 2014, there was a 4.3 month supply of doubles for sale in the area. There’s no doubt it’s a sellers market for doubles right now.

 

Interested in selling your Mid City property? Give us a call at 504-327-5303 and we would be happy to help you find the correct price and the right marketing for a successful sale.

What’s your competition? Check out all of the available Mid City New Orleans homes for sale.

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