As Realtors in the Greater New Orleans area, we are often asked which local market is considered the "hottest." Lately, the hottest market in the area is the Mid City market. Mid City is located just north of downtown New Orleans. Mid City offers close proximity to City Park, the CBD, the French Quarter, and the new Biomedical Corridor. In recent months, the Mid City market has boomed.
The uptick in activity and demand is mainly due to the formation of the new Biomedical Corridor. The new Biomedical Corridor is currently being constructed on the Northern edge of downtown New Orleans. This 2.4 square mile corridor is situated between Canal Street. and Tulane Avenue. The corridor will feature the new LSU Medical Center, along with the new VA Hospital. The Biomedical Corridor is expected to create upwards of 6,000 jobs and a 1.26 billion dollar annual impact! In recent years, the New Orleans area has gained recognition as a growing leader in medical research and advancement. The new Biomedical Corridor will certainly help add to this growing trend!
Mid City has definitely benefited from its close proximity to the Biomedical Corridor. In anticipation of the construction of the Biomedical Corridor, Mid City began to see an influx in both commercial, and residential Real Estate activity. Many businesses, including big names like Rouses Super Markets, Pei Wei Asian Diner, and Five Guys burger joint have populated the area. Home prices have also soared in the area, as many attempt to become part of the booming Real Estate market. With Mid City's high demand and low inventory, many buyers looking to move to the area often find themselves in bidding wars.
Mid City Market Statistics:
As of today (2/18/14), there are currently 52 properties available. These properties have an average list price of $251,309. Eighteen of those properties are currently listed above that $251,309 mark, with the highest priced listing at $825,000. In the last six months an astonishing 84 properties have sold in the area, with an average sold price of $235,394. These homes, on average, spent 62 days on the market. However, most homes priced at market value spent 10 days or less on the market, regardless of condition. Currently there are 33 properties under contract, or pending in the area. These numbers suggest a market that is red hot.
With the creation of the Biomedical Corridor, along with the formation of new businesses, Mid City is clearly booming. As the Biomedical Corridor nears completion, there is little evidence to suggest the Mid City market will not continue to boom. Currently, prices are still relatively low in the area. Now is the time to take advantage of this upcoming area! Don't sit on the sidelines while others capitalize on Mid City's booming market.
For more information about the Mid City market, or any Greater New Orleans Real Estate need, please feel free to contact George Molaison, or Shawn Ryan, Jr. of Nola Partners. George and Shawn would be glad to answer any questions you may have. You can connect with George and Shawn on their website www.nolapartners.com, or on facebook at www.facebook.com/nolapartners. Thank you for reading our blog! Happy Mardi Gras!
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