The already-hot New Orleans housing market is set to get even hotter, according to a report by Realtor that predicts New Orleans as the No. 6 hottest housing market in 2016.
The report says that home sales activity in the area is expected to increase by 10 percent and single-family home prices should rise 6.8 percent in 2016.
Why the increase? Realtor.com chief economist Jonathan Smoke, interviewed for a NOLA.com article on the study, says "the number of households has increased 25 percent faster than the national average as more people move in, and the labor force is growing at twice the national rate."
It's probably also because wealthy out-of-towners have heard that New Orleans is charming AF.
· The Top 10 Real Estate Markets to Watch in 2016 [Realtor]
· New Orleans metro forecast to be America's 6th hottest housing market in 2016 [NOLA.com]
· Ex-Domino Creative Director's Garden District "Chic Disaster" Turned Dream House [Curbed NOLA]