Is Lower Garden District, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Lower Garden District was a Seller's Market.
Key Takeaway
Lower Garden District is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower Garden District, LA
How much do homes in Lower Garden District, LA cost?
Median Sold Price
$380,000
$341/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since March 2023.
Key Takeaway
The sold price of homes in Lower Garden District has remained the same since last year.
Summary: The median home sold price in Lower Garden District was $380,000 in March 2024, the same as last year, and the median price per square foot was $341.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $254K | $247.9K | -2.4% |
| 2 Bedrooms | $372K | $385K | +3.5% |
| 3 Bedrooms | $573.9K | $555K | -3.3% |
| 4 Bedrooms | $729.6K | $1.2M | +74.0% |
| 5+ Bedrooms | $981K | $825K | -15.9% |
Summary: Lower Garden District housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.4%, 2 bedroom homes increased by 3.5%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 74%, and 5+ bedroom homes decreased by 15.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Central Business District | $442.5K | $450K | +1.7% |
| Lower Garden District | $380K | $380K | 0.0% |
| Central City | $312.9K | $310K | -0.9% |
| Irish Channel | $482K | $440.2K | -8.7% |
Housing Supply in Lower Garden District, LA
How many homes are available in Lower Garden District, LA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 98 | 111 | +13.3% |
Summary: The Lower Garden District real estate market had 111 homes for sale in March 2024, a 13.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 26 | 26 | 0.0% |
| 2 Bedrooms | 40 | 44 | +10.0% |
| 3 Bedrooms | 12 | 11 | -8.3% |
| 4 Bedrooms | 10 | 13 | +30.0% |
| 5+ Bedrooms | 10 | 17 | +70.0% |
Summary: The Lower Garden District housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 10%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 70%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 8 | -20.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lower Garden District, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Lower Garden District in March 2024, down by 20.0% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% were sold over asking.
Days on Market for Lower Garden District, LA
How long does it take to sell a home in Lower Garden District, LA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 53 Days | 93 Days | +75.4% |
Summary: Homes in Lower Garden District had an average of 93 days on market in Mar 2024, up by 75.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Lower Garden District are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 8 homes were sold in Lower Garden District; 25% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
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