Median Days on Market Shrinks for New Orleans Real Estate
The time it takes to sell your New Orleans metro area home is shrinking, right on trend with the rest of the nation. In fact, the median days on market for a home in many New Orleans area cities is slightly better than the national average: New Orleans at 49 days, Mandeville at 48 days and Covington at 62 days.
The median time a home is on the market nationwide? Just 69 days.
The number of days on the market nationwide has fallen nearly 30 percent from year-ago levels.
Meanwhile, inventory levels are hovering at all-time lows, with the number of homes for-sale down 31.2 percent from a year ago. The inventory is at a 6.4-month supply of homes on the market, as of July data.
“As inventory has tightened, homes have been selling more quickly,” says Lawrence Yun, the National Association of REALTORS®’ chief economist. “A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”
Some price ranges across the New Orleans metro area are even experiencing a seller’s market, with some price ranges experiencing as low as a 3 month supply of inventory, making now a great time to list your home.