Slowdown in Crescent City real estate market

David Blake
October 12, 2018 - 1:28 pm

For most of this year you needed some big money to buy a house or condo in New Orleans, reports of Warehouse District Condos stating at over $400,000 or maybe a shotgun in the Marigny for a half a million.

Local real estate expert Arthur Sterbcow says other parts of the metro area are coming up.

"What I have seen in the last few months is a bit of cynicism about Orleans Parish about it's expenses, sewerage and water board problems, flooding problems,'' said Sterbcow.

Now some of those sky high prices are leveling off and that's led to a six month supply of homes.

''Jefferson is really heating up its down to about a four month supply of homes which is remarkable considering the interest rate bump we just had,'' said Sterbcow.

He says we may see a little bit of slowdown but overall he thinks the fourth quarter will be solid.   Faced with the high prices in Orleans, there is evidence that some buyers are looking elsewhere to get more home for the money.
 

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