The Algiers point neighborhood has been on the upswing for some time now and for good reason. As the cities second oldest neighborhood, it boasts tons of gorgeous homes that are quintessentially New Orleans.
The Point has too many local bars and restaurants to name, which creates a great neighborhood and family vibe. Easy access to the levy and ferry terminal from all areas of the point makes it convenient to all the sights and sounds of the CBD and French Quarter, while remaining quiet and tucked away just on the other side of the river.
Though the draw of the neighborhood maybe that it seems like a New Orleans of a by gone era, almost encapsulated in time like a Norman Rockwell painting, development is on the upswing, which is great for residents of the neighborhood.
The market has been especially kind for sellers over the last several years. 2018 saw a 9% increase in the average sold price year over year from 2017. This is great news for an established area of the market. The price per square foot so far in 2019 stands at $215/SqFt, a nearly 9% increase from 2018 and a staggering 18% higher than 2017. Here’s a preview of what has sold year to date in the Point. Algiers Point sold properties; ytd
Inventory is slightly lower at the start of 2019 pushing the absorption rate to 2.75 months. The absorption rate simply means, all things constant, if no more listings were taken in Algiers point, it would take less than three months to sell out of the entire inventory. This is indicative of an extreme sellers market.
While it looks like it’s a fantastic time to sell in Algiers Point, there is good news for buyers as well. Patterson Point, is a 41 home subdivision being built in Old Algiers, just on the outskirts of the Point. Patterson offers a great value proposition for buyers wanting to experience this side of the river. Take a look at some of the stunning homes you can choose from.
Regardless of whether you’re buying or selling in this area, you can see why people are loving this side of the river!