Market Monday - 11/8/2021
Keeping your thumb on the pulse of the New Orleans Real Estate Market
Single-family detached homes for sale in the New Orleans Metropolitan area have plummeted over the last few years. In October 2020, housing inventory dropped over 40%, and in October 2021 it dropped another 37%. The market is clamoring for houses to sell.
Price Per Square Foot
With inventory falling, the price per square foot of homes sold increased 11.8% in October of 2020 compared to 2019. In 2021 price per square foot went up another 9.8%.
Are we in a bubble?
Because the prices of homes have increased so much in the last two years, real estate investors (or buyers) may be concerned that we are in a "bubble" that could burst at any moment. In a recent article by Forbes, Nick Ron, CEO of House Buyers of America, gives three reasons why we are NOT in a bubble.
Though there has been some cooling in the market, many believe this could be seasonal slowing. Make sure to follow this blog to stay up to date on the latest in New Orleans Real Estate.