Market Monday - 11/15/2021
Keeping your thumb on the pulse of the New Orleans Real Estate Market
Price Per Square Foot - Eastbank
Ever wonder what the price differences are between living in Kenner, Metairie, or New Orleans? Everyone knows that the further you go from the city center, the lower prices of real estate become. However, how much of a difference is it? On today's #MarketMonday we take a look at price per square foot in these three areas.
Keep in mind, this covers all types of single-family homes in the entirety of these cities. If you are looking for comparables for your home, contact your local realtor (preferably me).
Prices in all three areas have seen an increase over the last three years. As shown in the graph above, the rate of increase in these three areas was approximately 11.3% in 2020 and 9.6% in 2021. Though many feel these increased prices are a result of the COVID-19 pandemic, prices have been climbing steadily over the past several years.
Homes for Sale
Over the last three years, the number of homes for sales in these three areas has plummeted. On average, these three areas saw a 30.1% decrease in 2020 and another 30% in 2021.
List Now or Wait for Spring?
With inventory continuing to fall and comparables from a year of higher sales prices, now could be the perfect time to list. While the spring is known for the busiest times of year in real estate, there are pros and cons to listing now in this current market.
Pros
Stand out with few competing properties.
Winter buyers are more serious.
There is potential marketing to "empty nesters" and buyers relocated by employers.
Appraisers, Inspectors, Lenders are more available.
Interest rates are low.
Cons
Families still have children in school.
Money is tight around the holidays for some.
Chuck Stall - Realtor® is a licensed realtor with GNO Realty LLC
3225 Danny Park, Ste 202, Metairie, LA 70002
Office: 504-810-2825
Cell: 504-432-0263
Licensed in Louisiana