Algiers has become a hot spot for real estate sales on the West Bank of New Orleans, as it remains one of the most affordable options for buying within a condo or single-family home within the city limits.
Since the beginning of 2020, we’ve seen more and more properties go on and off the market very quickly, some with multiple offers. It’s a race for buyers to get to the very best homes because they are selling quickly.
READ: Why you should be pre-approved before home shopping
So let’s review the major markers in Algiers.
Median Sold Prices
In August 2019, the median sold price was at $167,000. At the end of August 2020, that number stood at $195,000 – a 17% increase from last year. September has an abnormally high media sold price, but we aren’t done with the month yet, so the percentage of change is likely to shift as more closings occur.
Number of Sales
After starting January strong, there was a dip in the number of Algiers homes sold in February through May. The May number can be directly attributed to the COVID-19 stay at home order that kept buyers out of the market from mid-March through April. As the restrictions eased, buyers came back in force, with 68 homes sold in June 2020 – the highest number of monthly sales in over 10 years. July followed suit at 65 sales, while August had a slowdown to 51.
Months of inventory
Historically, Algiers has been a fairly balanced market, but it’s been in flux this year. If we had to guess where it’s heading, it’s going to tip more in favor of sellers than buyers, given the number of bidding wars we’ve seen on properties in good condition.
Need help pricing your Algiers home for sale? Call us today at 504-327-5303.
Homes for sale in Algiers
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