A recent summarizing article from REALTOR Mag, the online magazine of the National Association of Realtors (NAR), listed 10 American cities where Clear Capital's Home Data Index expects home prices to rise in 2011. New Orleans has come in at number 10 on that list, with an expected rise of 0.5%. The article from NAR (which pulled its information from MSNBC) can be found here.
What's even more impressive about this news for folks not too familiar with our market is that we did not experience nearly the decline in prices over past few years that many others did. From the market's recent post-Katrina height in 2007 through 2010, prices have slipped somewhere in the single digits citywide, whereas many cities across the country experienced drops well over 30%. So to have our market already beginning to rise is great news for the many folks who flocked to the city in the wake of Katrina.
It's already shaping up to be a stellar 2011, especially for condos, which were the hardest hit sector of our market (thanks to the knee jerk reaction that strangled condo lending recently). And incidentally, the other 9 cities in the list were:
1. Washington, D.C.: 6.5 percent price increase
2. Houston: 3.6 percent price increase
3. Honolulu: 3.4 percent price increase
4. Memphis, Tenn.: 3.2 percent price increase
5. Columbus, Ohio: 2.1 percent price increase
6. Dallas: 1.4 percent price increase
7. New York: 1.3 percent price increase
8. Birmingham, Ala.: 0.9 percent price increase
9. Pittsburgh: 0.8 percent price increase
When you're looking for your next real estate investment location, contact me about why the rebirth of New Orleans is your best bet!