Thinking of buying a home or selling your current home in New Orleans this year? It’s important to know what the market’s doing before you make any big investments. So, what does the market forecast for 2019 look like?
Here’s your guide to the 2019 NOLA real estate market.
It’s a Buyer’s Market
Prices in the NOLA area are cooling off a bit, and inventory is on the rise. It’s good news for buyers, as they’ll have more to choose from, but maybe not such good news for sellers, as there’ll be a little more competition.
Homes May Sell for Less than List Price
The housing boom over the last couple of years has seen prices skyrocket, and up until recently, list prices have been pretty close to actual sale prices. But with the market slowing down (and interest rates on the rise) those sales prices might start to come down a bit, encouraging listing prices to settle into a more reasonable range.
Home Values are Expected to Rise
Currently, the median home value in the NOLA area is $183,000, with a value increase of 2.6% expected within the next year. Again, this is good news for buyers, as you’ll see a quick gain in equity. It’s also good news for sellers thinking of listing later on in the year.
Short Term Rentals Could be Profitable
If you’ve ever considered purchasing a home as an investment or rental property, NOLA is a great place to start. In fact, about one-tenth of the housing market is made up of short term rentals like Airbnb and VRBO.
Thinking of Buying or Selling in New Orleans?
Are you thinking of buying or selling a home in the New Orleans area? If so, then it’s time to contact the Nugent Freeland Team. We’re here to help you explore the area and find the perfect home or get your home ready and price it accurately.