The 2024 year-end residential stats from NOMAR are out, and they give a solid snapshot of how the New Orleans real estate market shaped up last year. Here are three big takeaways I noticed:
- Market Holding Strong: Even with everything going on in the economy, the market stayed steady. Sales volumes and median prices didn’t take any big hits, which is great to see.
- Neighborhood Differences: As always, it’s a tale of two cities. Areas like Uptown and the French Quarter are seeing higher demand and price jumps, while some other neighborhoods are still more accessible for buyers.
- Interest Rate Ripples: The rate hikes last year definitely slowed things down a bit towards the end. Buyers are still out there, but they’re feeling the pinch.
These trends are a good reminder of how unique the New Orleans market is. Whether you’re buying, selling, or investing, understanding these shifts can help you make better decisions