Algiers Real Estate Market Update (New Orleans, LA)
Last year saw a significant increase in the number of residential sales in Algiers, rising from 356 in 2013 to 434 in 2014.
Average home sale prices in Algiers
As the number of sales increased, so did the average sale prices. 2014 saw a rise of 15% in average sold prices, the highest average over the last 5 years.
The news is still not great for those that bought post-Katrina when average prices were just below $174,000. This leaves a good number of home owners still unable to sell their houses for what they paid if they bought in 2006-2007.
Months of Inventory in Algiers
When determining whether an area is experiencing a buyer’s market or seller’s market, we look to the months of inventory on the market. Based on historic sales, Algiers is still in a buyer’s market, with 9 months of inventory available at the end of March 2015.
When it consistently remains below 6 months, we will be able to call it a seller’s market, but we aren’t there yet.
Considering selling your Algiers home? Give us a call at 504-327-5303 and we’ll be happy to help.
Algiers Homes for Sale