September Market Update
The latest real estate numbers are in, and here is your current market report for the NOLA area.
Looking at the PPSQFT for single-family homes in Orleans, Jefferson, St. Tammany, and St. Bernard Parishes, we are still seeing appreciation in three of the four parishes. St Tammany Parish saw the largest appreciation at an increase of 11.6%, while St. Bernard saw a small price depreciation of -2%.
Whenever we see changes in price, one force likely to be influencing those numbers is inventory. Not just the number of homes for sale, but the months supply (standing inventory).
As we saw previously, St. Bernard Parish saw a -2% decrease in average PPSQFT and had the most significant percentage increase in both homes for sale and months supply at 56.2% respectively. Meanwhile, Orleans Parish saw the lowest percentage of appreciation and a 28.8% rise in homes for sale and months supply.
Though we are seeing an increase in inventory and a softening in appreciation (even slight depreciation), days on market remain quite low.
According to this data, both Jefferson Parish and St. Tammany Parishes saw double days on market, yet both are still within an average of two weeks. Orleans Parish saw an increase from 22 days on market in August of 2021 to 23 days on market in August 2022. Finally, the most significant drop in days on market came from St. Bernard Parish from 20 days in August 2021 to 15 days in August 2022.
This trend is not only occurring locally but nationwide as explained in a recent article by NAR (National Association of REALTORS®).
These numbers demonstrate now is still a great time to sell a home, even though interest rates are rising. Nationwide, 82% of homes are selling within a month. That is a stark contrast to 2015 when only 24% of homes could boast such quick closings.
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