Similar to the last few months in New Orleans, we saw demand for homes remain high with even fewer homes being listed for sale.
For September 2020 home sales are up 28.3% and the number of homes available for sale is down 41.7% when compared to a year ago.
Approximately half of the homes sold in September were on the market for less than 20 days, and prices were up 13.8%.
As you can expect, this is driving prices in the market up. Despite COVID, interest rates are still pushing downwards, near record lows, keeping monthly payments very affordable for the buyers looking to finance their purchase.
The reports below show the latest real estate trends for the New Orleans Metropolitan Area. These reports provide direct insight into the market conditions that are driving home sales and home prices. We home you find the information helpful.
If you have questions about the real estate market in New Orleans, we would love to chat. We are passionate about our city and love to help people!
Call us today at 504.571.9755, or send us a message here.
Number of Homes For Sale
The number of homes available for sale dropped once again in September, down 41.7% when compared to September 2019. Low inventory and high demand is driving multiple offers on many properties and keeping prices up.
(January 2019 – September 2020)
Number of Closed Sales
Closed Sales remain at the highest levels we have seen in over 15 years. For September the number of closed sales were, up 28.3% when compared to September 2019.
(January 2019 – September 2020)
Median Sale Price (%)
Limited supply and high demand are resulting in multiple offers for many properties. In September half of all homes are sold for at least 99.1% of the advertised list price, and many homes are selling for above the asking price when multiple offers are received.
(January 2019 – September 2020)
Median Days On Market
Days on market is defined as the time between when a property is listed for sale and a contract is accepted.
Approximately half of the homes sold in September were on the market for less than 20 days.
(January 2019 – September 2020)
Median Sale Price ($)
The median sales price for the New Orleans Metro Area continues an upward trajectory in September, up 13.8% at $239,000.
(January 2019 – September 2020)
Still have more questions? Give us a call today at 504.571.9755, or send us a message to schedule a time to meet!
