Uptown New Orleans Real Estate
Magic 8 ball says….quite possibly.
We just put a double on Octavia on the market this week. The first showings were today during the broker’s open and EIGHTY (80) people visited the house for a look. Given the feedback from the potential buyers and agents that toured the home, we feel confident that an offer will come in shortly.
So what’s happening in Uptown New Orleans Real Estate?
Zip code 70115 real estate prices
- Single family home median prices rose from $362,750 in the first quarter of 2013 to $445,000 by the fourth quarter – an increase of 22.7% last year.
- During the same time, the median price per square foot rose from $200 to $241 – an increase of over 20% – and days on market dropped by 16.5%.
- Multi family median prices rose from $280,000 in Jan 2013 to $348,800 in Jan 2014 (24.6%)
- Multi family inventory has dropped by just over 34% from Jan 2013 to Jan 2014
Zip code 70118 real estate prices
- Single family home median prices dropped from $397,00 in 1Q2013 to $357,500 in 4Q2013
- Single family home price per square foot dropped from $233 in Jan 2013 to $166 in Jan 2014
- Multi family median prices skyrocketed from $48,750 in Jan 2013 to $220,000 in Jan 2014 (351% increase)
- Multi family inventory dropped by 11.6% during the same time frame
So what makes such a difference between these two areas? Location is always a factor, but condition trumps all. Homes that show well and don’t have a ton of deferred maintenance are flying off of the market right now, usually with multiple offers. Those that need work are hanging on a little longer and are not garnering quite the premium prices that sellers are hoping for.