While New Orleans real estate was a WILD ride in 2023 – as your real estate agents, we like to take a step back and look at what the year actually looked like! From sales numbers to average price points, this is the gossip that any real estate lover/stalker wants to know about! Here is your New Orleans real estate recap for 2023:
Orleans Parish Single-Family Sales Recap 2023 vs 2022:
- 2245 sales vs. 3041 sales in 2022
- $335k median price vs. $355k median price in 2022
- The average days on the market were 57 vs. 33 in 2022
Orleans Parish Condo Sales Recap 2023 vs 2022:
- 513 sales vs. 707 sales in 2022
- $342k median price vs. $338k in 2022
- The average days on the market were 64 compared to 65 in 2022
- While the prices and DOM aren’t much different, almost 200 fewer condos were sold in 2023
Orleans Parish Multi-Family Sales Recap 2023 vs. 2022:
- 747 sales vs. 1115 sales in 2022
- $330k median price vs. $365k in 2022
- Average days on market were 54 vs. 37 DOM in 2022
- 368 less multi-family properties sold in 2023. Rising insurance costs were a huge factor!
Jefferson Parish Single-Family Sales Recap 2023 vs 2022:
- 3010 sales vs. 3793 sales in 2022
- Median price was $262k vs. $270k in 2022
- The average days on the market were 45 vs. 26 DOM in 2022
- 783 less homes were sold in 2023!
St. Bernard Parish Single-Family Sales Recap 2023 vs. 2022:
- 383 sales vs. 472 sales in 2022
- Median sales price was $235k vs. $250k in 2022
- Days on market averaged 64 vs. only 36 DOM in 2022
St. Tammany Parish Single-Family Sales Recap 2023 vs. 2022:
- 3212 home sales vs. 4170 sales in 2022
- $295k was the median sales price vs. $300k in 2022
- Average days on market was 44 vs. 27 days in 2022
Plaquemines Parish Single-Family Sales Recap 2023 vs. 2022
- 175 homes sales vs. 207 sales in 2022
- $357k was the median price vs. $360k in 2022
- 40 days on market were averaged vs. 36 DOM in 2022
Interest Rates Recap 2023 vs 2022:
While it’s only the beginning of 2023, for those with excellent credit, an FHA loan interest rate is about 6.125%, and conventional rates are around 6.875%. This, in comparison, is amazing because, in 2022, we saw the highest numbers in years, with FHA rates at 7.5% and conventional loans hovering at 8%.
What do we expect to happen in 2024? The rumor mill says we should see interest rates drop four times this year. If this is true, bidding wars may return. If I were buying this year, I would get in quickly before the competition gets fierce.
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