I was watching a local, New Orleans newscast this week — yeah, my life’s pretty off the chain like that — when they aired a story about the real estate market. Naturally, I tilted my head like a dog and paid attention. Unlike most dogs I know, I spoke words: “Wait…what?”
The reporter was saying some things that just weren’t true about our market. That’s because it wasn’t our market. The story was from a station in northern California. There are some national trends that spill over, especially mortgage rates and the state of our overall economy, but it’s easy to get misled when you’re getting real estate news from a national source.
Real estate trends are local. Really, super, hyper local. For example, the median price of a condo in Orleans parish has gone up 8% since January. That’s a big number. However, the price of a single family home in the city has increased 29% in that same time period. Within the city, the median price of homes in some New Orleans neighborhoods has actually gone down in the last 12 months. (Check out how prices have moved in every neighborhood in the city here.)
If you get your geek on like I do when it comes to stats, remember that what you might be reading in the business section, or hearing on World News Tonight doesn’t necessarily reflect what’s happening here.