Old Fourth Ward 2017-2018 Market Snapshot: Single Family Homes

Where intelligent gentrification meets community pride. 

Old Fourth Ward is diverse, revitalizing, and enjoying a burgeoning real estate market. The prices of sold homes in Old Fourth Ward increased 10% in 2017. Higher-end new construction pushed the sold price to a median of $559,000. Prices hit a 5 year high in 2017 – a whopping 215% increase since 2013!

Homes priced below $300,000 stay on the market just about a month and usually sell in a competitive bidding war.

The deeper story of real estate in Old Fourth Ward lies beyond these statistics. Many of the homes sold were builder specs or custom homes and so are not recorded in the MLS. These homes are selling upwards of $800,000 to $1,000,000 and are rapidly changing the face of Old Fourth Ward.

2017 MARKET STATS

45 Homes Sold: Down 8%

$459,000 Median Price: Up 13%

35 Days Time on Market: Up 35%

2.2 Months Inventory: Up 24%


2018 Outlook

In recent years the Old Fourth Ward has experienced a renaissance, with the creation of hundreds of new businesses, beautifully restored historic homes, new condos and loft buildings, and a thriving community of artists and musicians.

The desirability of Old Fourth Ward will continue in 2018 as more people seek the Intown urban lifestyle. In 2018 the available inventory of mid-priced homes will decrease, with corresponding short market times and a rise in prices. But the supply of upper end homes will stay stable or slightly increase and buyers will have a wide range of choices.

If you will be buying or selling a property in 2018, please contact us to discuss your opportunities in today’s market.

 

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