Fact Check Friday - Lakeview Price Per Square Foot
Looking for a neighborhood close to downtown but far enough away for a suburban experience? Lakeview could be the neighborhood for you. Within close proximity to City Park, Lake Pontchartrain, countless dining experiences, boutique shops, and much more, residents have a plethora of amenities to enjoy.
Lakeview is a wonderful part of New Orleans where there is a strong sense of community, growing infrastructure, and a spirit of pride from those who truly love The Crescent City. Residents can enjoy a bike ride along West End, dine at one of the wonderful establishments on Harrison Ave, or take a quick trip to City Park.
Buyers are sometimes surprised to see how much has come back in Lakeview over the last 15 years. Residents are seeing their property values increasing. There seems to be more new construction, and businesses are popping up all the time.
Take a look at the price per square foot of single-family detached homes sold over the last three years. Because the price per square foot can be affected by the size of the homes evaluated, it is best to divide up into four categories of homes (< 1500, 1501-2000, 2001-2500, 2501+).
After crunching the numbers, the big winners are 1500 sqft or fewer homes seeing a 25.5% increase in Median Price Per Square Foot. Not far behind are homes in the 1501 - 2000 square foot range with an 18% increase in Median Price Per Square Foot. Sellers in these ranges are seeing great returns on their investment. It could be an opportune time to shop for a home in the 2001 - 2500 square foot range. Median Price Per Square Foot is down 4%.
Below, there is a breakdown of new listings over the past three years in each of the aforementioned size categories. Take a look at how they compare to previous years.
Keeping in mind the largest number of listings has come from the largest category on this list, there is still a net 47% increase in new listings over the last few years. What could this mean for the sales prices of these new homes? Could buyers be taking back some of their bargaining power? Some experts are suggesting just that.
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