The Uptown housing market, including the Garden District and Carrollton, had 132 homes listed in June, which would take about two months to be sold at the current sales pace, a seven-year low creating an extremely strong seller’s market, according to a report by Katherine Sayre of The Times-Picayune. A market is considered balanced when its supply of homes should take six months to sell at the current pace, and during the housing crisis of 2008 and 2009 the supply was between 10 months and two years, Sayre explains.
“In 2012, the average price-per-square-foot for all of the New Orleans metro area was $106. In the Uptown area, the average was more than $200,” Sayre writes. “But last week, several listings in the area were priced between $240 and more than $300 per square foot.”
Two homes on the market driving up that price-per-square foot include the “wildly artistic,” “Frank Lloyd Wright meets tiki magic” two-bedroom, two-bath home on Chestnut listed at $599,999 and the three-bedroom, three-bath home of John Goodman and Melissa Leo’s characters on Treme at 223 Lowerline, now listed at $989,000 (after selling for $170,000 in 1998) — both recently featured by Sarah Chase on the real-estate blog Curbed NOLA.