What’s hotter than summertime in New Orleans? This blazing seller’s market.
The housing industry follows the law of supply and demand. Currently, buyer demand around the country is at a record high, with inventory correspondingly at a record low. New Orleans is no exception to this phenomenon. Locally, all statistics point towards the market staying hot for the foreseeable future. Beautiful homes are selling at a breakneck pace, but there are still plenty of opportunities to own and live in your dream neighborhood. Despite inflation being historically high, mortgage rates are at record lows, making it an excellent time to buy.
Let’s take a look at the state of NOLA’s real estate market:
3,281 — The number of homes for sale on MLS in June, by far the lowest in the past decade, and lower than the beginning of the year, with a 25% difference in January of 2021 when there were 4,262.
19,222 — The number of transactions closed on MLS in June. Up by nearly 2,000 compared to the beginning of the year and nearly 4,000 compared to June 2020!
$136 — The median price per square foot of sold MLS listings in June, up $13 from last year, and $42 in the last decade.
16 — The median number of days a property was listed on the market before going under contract in June. This is a remarkably low number for a season with longer days, allowing more daylight for real estate showings. For reference, the median number of days was 34 in June of 2020 and 24 at the beginning of this year.