A lot can change in the real estate world in 6 months, especially when you’re living through a global pandemic. In this article, we’re going through a rundown of the latest real estate trends in New Orleans, LA as of Q2 2022 so you know exactly what you can do with your New Orleans property.
New Orleans Real Estate Trends for 2022
Property owners in New Orleans will be happy to know that property values continue to grow, surpassing its value from 2021. As of April 2022, home prices were up 9.1% as compared to prices from last year, with an average New Orleans home selling for $368K. Typically, a home stays on the market for 14 days before being sold. That’s 15 days less than last year.
In terms of supply, only 482 homes sold in April of 2022 compared to the 605 homes sold in April of the year prior. Don’t be deterred by this. Based on statistics, all the homes put up on the market are sold, meaning that the market in New Orleans is fairly balanced. Those looking to sell their home can expect to be paid the same amount as the selling price.
New Orleans Real Estate Forecast
The house market is looking good all the way until the end of 2022. Based on the current trends, housing prices are expected to be higher at the end of 2022 as compared to what they were in 2021. This is in line with the ongoing real estate trend in New Orleans. The housing market is so good that, in fact, home appreciation rates in New Orleans are higher than the national average. In the past 10 years, the cumulative appreciate rate of houses in New Orleans has been 65.57%, which ranks it within the country’s top 30%. This translates to an annual appreciation rate average of 5.17%.
New Orleans has long been considered a prime real estate location due to its rich history and culture. In recent times, however, people have been flocking to New Orleans due to its relatively affordable cost of living.
The affordability coupled with the good quality of life it promises makes it attractive to homeowners and renters alike.
So, what does this mean for those who already have properties in New Orleans?
Those who are looking to cash in on their New Orleans property will be pleased to know that now is as good a time as any to sell. The demand for New Orleans properties is going strong, particularly for residential properties. Those looking to sell will be able to do so for a good price.
If you want to take advantage of your New Orleans home, start looking for ways to sell your home right away!
READY TO SELL YOUR HOME?
Selling your home the traditional way can take time and even quite a bit of money. This is why you should consider selling to a professional cash home buyer such as Albatross Home Buyers LLC.
Albatross Home Buyers LLC is the area’s premier real estate solutions company, and since our inception we have helped homeowners and improved communities in each and every city we work in.
Through our extensive knowledge of the business, network of resources, and years of expertise, we are able to assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their individual situations.
As a cash home buyer in New Orleans, LA, we make selling houses easy and convenient for you. We buy houses in any state or condition it’s in and pay in cash, so you can get your money ASAP. After viewing the property, we’ll give you a fair, no-obligation cash offer within 72 hours. If the offer is favorable to you, you can choose your closing date and finish the sale in as quickly as 14 days.
Our mission is to rejuvenate neighborhoods and increase the standard of living by improving the overall quality of housing for the residents. Click the call button on our website and let’s see how we can work together!