It might surprise you to learn which homes are actually selling like hotcakes in the New Orleans market. It appears that higher-priced homes are selling faster than cheaper houses in New Orleans these days. Local real estate expert Arthur Sterbcow joined WWL’s Tommy Tucker to discuss the reasons behind the burgeoning trend.
“Believe it or not, in Orleans Parish, the houses over $400,000 are flying off the shelves, so to speak,” Sterbcow told WWL listeners.
“Anything over $400,000 in Orleans Parish is very hot right now. Anything below that number is pretty bare bones,” he went on to add.
Sterbcow points to many sellers pulling their homes off the market when they felt like there were no buyers, causing inventory to become sparse.
As confidence has returned to the local market, many of those pricier homes are putting ‘For Sale’ signs in their yards and buyers are paying for them.
“Buyers are in the shadows, gearing up to buy. I think we’re going to see a pretty good third and fourth quarter of this year,” he noted to Tommy Tucker.
What that $400k-500k will get you ultimately depends on where you want to live in the metro area, according to Sterbcow. “It won’t get you much in the Garden District. In other areas of the city, it’ll get you a lot and you can get something pretty nice,” Sterbcow told listeners.
He specifically pointed to the Old Algiers and Broadmoor areas as remaining areas where homes at that price point will still get buyers a substantial amount of space.