We are almost half way through the year already (how did that happen so quickly?!), so it’s time to take a look at New Orleans real estate trends.
This month, we are breaking it down by price ranges to see if there are any substantial changes in different segments of the market.
Here’s what we found.
We researched the average number of New Orleans homes sold each month in the various price points. Interestingly enough, we’re seeing an increase in the number of high end homes selling. On the affordable end, the dropping number of sales directly correlates with the lower inventory in the under $200,000 market.
Fewer homes for sale = fewer homes sold.
How long are homes taking to sell?
The average time on market has increased in the middle, while high end and entry level homes are seller faster than they did last year.
Sellers seem to be doing a pretty good job of listening to pricing advice, though, since even that middle section is selling, on average, within 5% of the original asking price.
What about inventory?
The number of homes available in the various price points increased in all but the under $200k range. We’ll be watching those luxury homes, since a 22% increase in over a million dollar listings is pretty significant.
Have a question about what’s happening in your little corner of New Orleans? Give us a call, we’d be happy to share the numbers that interest you the most.