Have you been on the fence about purchasing a home? Maybe you've grown frustrated looking in this highly competitive market? Maybe credit repair or down payment savings is holding you up? Whatever
2020 Greater New Orleans Real Estate Market Report
Dated: February 12 2021
The year 2020 will go down in history for many bad things. But a real estate market crash is NOT one of them! Across the United States, and more importantly the Metro New Orleans area, real estate had a bonanza year. You've probably heard by now it's an extreme Sellers market, with low inventory and lots of Buyers competing for those listings. With interest rates at never-before seen lows, Buyers can buy more and many first-time buyers have finally stepped up during COVID, when staying at home is now the norm.
Overall Market Stats
Sales: Pending sales increased 10.5 percent, closing 2019 at 16,268. Closed sales were up 7.1 percent to finish the year at 15,537.
Prices: Home prices were up compared to last year. The overall median sales price increased 7.1 percent to $235,000 for the year. Single Family home prices were up 8.6 percent compared to last year, while Townhouse-Condo home prices were down 8.8 percent.
Listings: Year-over-year, the number of homes available for sale was down 44.3 percent. There were 2,590 active listings at the end of 2020. New listings decreased by 8.1 percent to finish the year at 19,697.
Detailed Data, Parish by Parish
Orleans Parish had 3,365 single family home sales. Twelve percent of those homes sold were new construction, while just 7.6 percent were considered to be “Fixer-Uppers.” On the other end of the spectrum, nearly 50 percent of all the homes sold were renovated and considered in “Excellent Condition.” These stats for Orleans Parish reflect the changing inventory and the overall demand by buyers who want homes that have been renovated. It also illustrates the lower supply for investors and developers who are looking to rehab. The median price for renovated homes in Orleans was $380,000, with notable variances between specific neighborhoods.
Next-door in Jefferson Parish there were 3,775 homes sold, with 7 percent being new construction. Some 75 percent were renovated homes considered in “Excellent” and “Very Good” condition. Like other Parishes, these numbers reflect a declining inventory of homes to be renovated, a sign of the large number of developers in the area as well as the demand for renovated homes.
St. Tammany Parish had 4,593 home sales, with a healthy 17 percent of those being new construction. These new construction homes were evenly split between Slidell, Mandeville, Covington and Madisonville areas. The sold price per square foot on these new homes averaged about $135 with overall prices averaging $250,000 to $300,000 range. Only 2 percent of all homes sold were considered to be “Fixer-Uppers,” while a whopping 75 percent were renovated homes in “Very Good” and “Excellent” condition. What Are Your Neighborhood Statistics?
If you want more specific information about sales in your area, just let me know and I'm happy to provide as much information as you'd like to read! Would you like to know what your home is worth today? Just ask and I'll provide a valuation on your home -- I'm always excited to share great equity numbers! Cheers to continued appreciation of your home/investment!
NOTE - All statistics represent data from Gulf South Real Estate Information Network and only include sales from the MLS and do not reflect private sales outside of the MLS.
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The year 2020 will go down in history for many bad things. But a real estate market crash is NOT one of them! Across the United States, and more importantly the Metro New Orleans area, real estate
We all know everyone’s most popular question for their Realtor, “How’s the market?” That’s what we all want to know during normal times. So, amid a Pandemic, it’s