NEW ORLEANS – The seller’s market in New Orleans isn’t going away any time soon, according to data provided by the New Orleans Metropolitan Association of Realtors based on info from the Gulf South Real Estate Information Network.
The median sales price of homes increased 13.8% – from $225,000 to $256,000 – in April 2021 compared to April 2020.
NOMAR said the busy spring market means sellers are receiving multiple offers that are driving sales above asking price. In some cases, the market value of a home has even increased substantially between the time an offer is accepted and the sale has closed. Some sellers are making all-cash offers to stand out from the crowd.
“Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase,” said a NOMAR spokesperson in a press release.
Strong buyer demand and limited housing supply show no signs of easing soon, which means the market trend will likely continue through spring and into summer.
More data from the NOMAR report:
- New listings in the Gulf South Real Estate Information Network service area increased 46.1% to 1,927.
- Pending sales increased 86.8% to 1,954.
- Inventory decreased 55.4% to 2,074.
- Days on market decreased 37.5% to 40.
Visit the NOMAR website to learn more.
