Lakeview Forecast To Be One of Americas Hotest Housing Markets

Lakeview NOLA Real Estate

Lakeview is forecast to be one of America’s hottest housing markets

We are all aware that Lakeview has seen a tremendous real estate recovery since Hurricane Katrina.  Now, REALTOR.com is anticipating that the Greater New Orleans area, with Lakeview specifically, will be one of the hottest real estate markets in the country by the end of 2016.

 

According to REALTOR.com the top 10 metro markets for 2016 are experiencing up to 60% more activity on the listings in their respective markets when compared with the national average.  They claim the top emerging real estate markets in the US to be:

 

Providence, R.I

St. Louis, MO

San Diego, CA

Sacramento, CA

Atlanta, Ga.

New Orleans – Metairie, LA.

Memphis, TN

Charlotte, NC

Virginia Beach, VA

Boston-Cambridge-Newton, MA

 

 

Realtor.com claims the top ten New Orleans ZIP codes that should see the most activity are: 70115 and 70118 in Uptown and Carrollton, 70124 in Lakeview; 70119 in Mid City New Orleans; 70113 in the CBD; 70125 in Broadmoor; and 70005, 70002, 70113 and 70121 in Metairie around the Lakefront.

 

Lakeview Real Estate

 

Kathy Marshall with Engel & Volkers provided some an in depth look at the Lakeview real estate market.  When looking specifically at the 70124 ZIP code which focuses on Lakeview Homes, we have seen some very impressive numbers.  The median sales price of single family homes for sale in 70124 for May of 2014 was $395,505 and as of May of 2016 that number has shot up to $505,000.  That is an increase of over 27% in twelve months.

 

Lakeview Price Trends

 

 

70124_price_trendsWe are seeing an increase in the number of homes for sale in Lakeview.  As a general rule, when the market heats up, you see less inventory, but that is just not the case here in Lakeview.  In May of 2015, we had 119 active properties for sale in 70124, but for May of 2016 that number has went up to 156.  With a median Days on Market of only 36, the homes in Lakeview are selling fast.  To put that statistic in perspective, the median days on market nationwide is 81.

New Orleans Real Estate

 

One of REALTOR.com’s economist, Johnathan Smoke said said the strengthening market in New Orleans is being driven by job and population growth: the number of households has increased 25 percent faster than the national average as more people move in, and the labor force is growing at twice the national rate. According to REATOR.com currently, New Orleans is the 44th largest real estate market in the country,

 

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