New Orleans<\/a> is one of the few major cities in the country that\u2019s not currently experiencing a seller\u2019s market. Inventory may be falling in the city but prices are going down too so it\u2019s actually quite a level playing field for both buyers and sellers. If buyers can move quickly on a home they like they could get themselves a good deal, while sellers should be accepting reasonable offers.
\n<\/br><\/p>\nNew Orleans Defies the Norm<\/h2>\n
New Orleans seems to be defying the norm when it comes to inventory and median list price. Whereas most cities in the country are seeing a huge drop in inventory and a fairly substantial rise in median list price, New Orleans is not. There are definitely fewer homes on the market but this isn\u2019t having the same effect as we\u2019re seeing elsewhere \u2013 prices are actually remaining low in New Orleans, and over the past couple of months have been at some of their lowest in five years.
\nThe current median list price is $153,300 which is 3 percent less than it was this time last year when the median was $157,900. Today\u2019s figure is a very slight increase from last month\u2019s median list price of $152,900 (less than 1 percent change). A slight change like this from last year\u2019s median isn\u2019t exactly big news, but the fact that inventory is falling and prices aren\u2019t rising is strange.
\nTotal inventory in New Orleans is 23 percent down from last year when there were 1,833 homes listed for sale. Today there are only 1,405 and this is a 2 percent drop from this time last month when there were 1,430 homes listed. This is following a trend that New Orleans has been seeing over the past five years and inventory is now at its lowest point in five years.
\nMedian price per square foot has also gone down, by 7 percent from last year. Then the figure was $92 per square foot, while today it\u2019s $86 which is a further 1 percent drop from last month\u2019s figure of $87 per square foot.
\n<\/br><\/p>\n
Listings Are Selling Faster<\/h2>\n
The only way that New Orleans seems to be keeping up with the rest of the nation is with its median days on market. With inventory falling, you would expect homes that are listed to sell faster, and that\u2019s exactly what\u2019s happening. Even so, the change isn\u2019t that dramatic \u2013 last year median days on market was 92 whereas today it\u2019s 85 \u2013 that\u2019s just an 8 percent drop and in fact today\u2019s figure is a 5 percent increase from last month when median DOM was 81.
\nWe need to go back a couple months to see the real change in median days on market in New Orleans. In the period from end of January to end of March the median suddenly plummeted from 112 to 86, so now those figures are actually just evening-out a little. So is New Orleans seeing a buyer\u2019s or a seller\u2019s market right now? Well, with prices falling and inventory falling this is one of the only major cities in the country to be on the cusp it\u2019s neither a buyer\u2019s nor a seller\u2019s market really!
\n<\/br><\/p>\n
Louisiana Mortgage Rates on Par With National<\/h2>\n
There haven\u2019t been any big surprises in mortgage rates in Louisiana, where the rates have been fairly accurately mirroring the national averages. From their low point at the beginning of May rates have been steadily rising and actually saw a slight drop towards the end of this week. Currently the Louisiana mortgage rates remain stable at 3.87 percent which is just 1 basis point higher than the national average of 3.86 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Orleans is one of the few major cities in the country that\u2019s not currently experiencing a seller\u2019s market. Inventory may be falling in the city but prices are going down too so it\u2019s actually quite a level playing field for both buyers and sellers. If buyers can move quickly on a home they like they could get themselves a good deal, while sellers should be accepting reasonable offers. New Orleans Defies the Norm New Orleans seems to be defying the norm when it comes to inventory and median list price. Whereas most cities in the country are seeing a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":["post-13673","post","type-post","status-publish","format-standard","hentry","category-real-estate","post--single"],"yoast_head":"\n
New Orleans Real Estate Market June 2013<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/new-orleans-real-estate-market-june-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Orleans Real Estate Market June 2013\" \/>\n<meta property=\"og:description\" content=\"New Orleans is one of the few major cities in the country that\u2019s not currently experiencing a seller\u2019s market. Inventory may be falling in the city but prices are going down too so it\u2019s actually quite a level playing field for both buyers and sellers. If buyers can move quickly on a home they like they could get themselves a good deal, while sellers should be accepting reasonable offers. New Orleans Defies the Norm New Orleans seems to be defying the norm when it comes to inventory and median list price. 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