Whether you own property in New Orleans or are considering making a purchase this year, it’s crucial to stay on top of real estate market trends in the Big Easy. Explore current and projected real estate trends in New Orleans for 2022 and why it may be a great year to invest in rental property in one of the metro’s best neighborhoods.
Recap of 2021
It was a seller’s market in New Orleans in 2021. In June, MLS reported 3,281 homes for sale, the lowest number of available properties in the area for the last decade.
The number of closed real estate transactions soared to nearly 19,222, showing a lively housing market. Bidding wars raged, and housing values appreciated at record rates. As 2021 came to a close, however, the real estate market in New Orleans has calmed considerably.
Current Real Estate Market
Although the current market is not back to pre-2021 levels, there is less frenetic energy among buyers and sellers in the Big Easy. Interest rates are still relatively low, but price appreciation has slowed, leading to a leveling out for investors looking to buy rental properties in major New Orleans neighborhoods.
According to Realtor.com, there are 2,099 homes and 480 rentals listed in New Orleans as of January 8, 2022. Sellers are becoming more cautious as listings flatten, providing the possibility of excellent deals for buyers on the lookout.
Future Projections for New Orleans Real Estate
Analysts project that housing values in New Orleans and surrounding areas will increase over the next five years. Based on projections, five-year property investment in the area may yield as much as 13.99% ROI, so now may be a profitable time to decide between buying a house or a condo to earn a rental profit in the next few years.
Let Certain Management Manage Your New Orleans Property
If you decide to rent out your New Orleans property, work with Certain Management for property management services. We can help you capitalize on your real estate investment with professional administrative, financial, and property maintenance services. Contact us at 504-342-2554 today to discover how to increase your ROI on your New Orleans rental units.
