New Orleans condo market
The number of condo units sold is down 9% from the same time last year, a direct result of the Covid-19 shutdown. With so many of our condo owners using them as vacation or second homes, the inability to travel or have short-term tenants has depressed activity in the New Orleans condo market this year.
We’ve seen some wonderful units languish on the market due to out-of-town buyers opting out of the market right now. It’s not just New Orleans, though. Most tourist-heavy economies are having the same issues across the country.
Median Sales Prices
While the number of sold units is down, prices are up just a smidge, moving +1.2% from August of 2019.
Days on market
The number of days to sell a unit is down substantially from 2019. With so many places for sale right now, we expect this number to increase, but inventory is down as well.
Who has the advantage in the New Orleans condo market?
It’s been a buyer market for the last 3 years, so it’s not a surprise that it continues to be. The good news is that inventory is down slightly from 2019, but not enough to shift the balance of the market right now.
ALSO READ: Condo buying dos and don’ts
Need help buying or selling a condo? Call us today at 504-327-5303.
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