New Orleans, LA home prices and housing market

New Orleans home values have fallen about seven percent in a year, and buyers finally have room to breathe. If you are thinking about selling, that changes how you need to play this, so let us walk through it. The typical New Orleans home is now worth about two hundred sixty-two thousand dollars, down nearly seven percent from a year ago. And homes are sitting. The median listing takes about ninety two days to go under contract, roughly three months of waiting. Sellers mostly have not caught up with that reality yet. The median asking price is around three hundred twenty-two thousand dollars, well above what homes are actually valued at today. But here is the catch. Only about sixteen percent of listings have cut their price, which means most sellers are holding firm on numbers buyers are no longer paying. Meanwhile, roughly one thousand nine hundred homes sit on the market, and only about 350 new listings came on this month, so fresh competition is thin. So here is the takeaway. If you price at the market from day one, you stand out, because most of your competition is overpriced and going stale. Price high, and you join the ninety day club and cut later anyway. For a free estimate of what your home is worth today, visit Home Value Pros dot com.