UPDATED AS OF 9/30/2020
Because everyone wants to know “how’s the market?”, we’ve put together our New Orleans COVID-19 real estate market update. What’s the impact of COVID-19 on real estate prices? Are people still showing, buying, and selling houses?
We could go with our guts, but let’s get down to the numbers because that’s the information that everyone wants to have. We’ll update these every month to track the trends and changes (you might want to bookmark this page to come back to later!).
Orleans and Jefferson Parishes make up the bulk of our business, so that’s where we’re going to concentrate. The chart below shows the month to month trends in the number of single-family homes and condos for sale in New Orleans and Jefferson Parish. Inventory has been dropping almost every month since January.
There’s been another decrease in the number of available listings as of 9/30/2020, down from 2,803 in August to 2,712 at the end of the month. This is 18.6% lower than September of last year.
After a spike in July, the number of homes sold dropped in both August and September. Sales were up 28.7% from September 2019, moving from 627 last year to 807 this year.
Buyers seem to have gotten over the initial fear of viewing properties, with our fall numbers looking more like the height of summer sales. Condos, after a deep dive, have stabilized. 85 condos sold in September 2020, compared to 71 at the same time last year.
After a high of $272,500 in July for median sold prices for single-family homes, we saw that number drop to $258,000 in August and rebound to $266,705 in September.
Condo prices are still in flux, with median prices dropping from $209,000 in September 2019 to $175,000 in September 2020.
We are changing our stance on whether or not it’s time to list your home – if you’re ready to move, the market is favoring sellers in most areas.
We’re taking appropriate measures with our current listings to keep everyone safe, including virtual showings, and limiting the number of people visiting a property, but it’s not a fool-proof method.
As the state moves into Phase 3, we are seeing a shortage of properties in the under $225,000 price range. If your home falls into the affordable range and it doesn’t need a lot of work, you are likely to be able to sell quickly. Feel free to call us at 504-327-5303 to schedule a free seller consultation.
At the beginning of the stay at home order, property showings were down by over 50%, peaked at 28% higher in July, and ended September at 6.8% HIGHER than 2019. It’s an indicator that people are feeling comfortable with showings, and we’ve certainly been seeing an increase in showing requests and multiple offers.
What it’s not an indicator of is how safe those showings might be. Only you and your agent can decide on the best course of action to reach your real estate goals while maintaining some semblance of social distancing and personal safety as move through the phases of reopening the city.