The New Orleans metropolitan area is forecast by Realtor.com to be the sixth-hottest housing market in the nation in 2016 with higher prices and more sales. Home sales activity is expected to increase by 10 percent and single-family home prices to rise 6.8 percent in 2016 in the New Orleans-Metairie metropolitan statistical area, according to the report.
The Harvard study also identifies the top categories for spending in the home improvement market, with interior and exterior replacements leading. However, discretionary spending for items such as kitchens, bathrooms and room additions are a healthy 30 percent of the total. Property improvements and system upgrades such as HVAC systems or electrical upgrades come in at 29 percent of the total.
24 percent of the New Orleans market is expected to undergo renovations. The average project will cost approximately $2,220 but 26 percent of projects will cost over $50,000. The study also highlights a major opportunity in home improvements for those who age in place as the Baby Boomer market matures. The New Orleans market was specifically highlighted as a strong market for this category which includes improvements such as creating master suites on the first floor, removing entryway or interior steps between rooms or increasing the width of walkways and doorways.
Many home services companies are finding great success in finding new customers by utilizing digital and local broadcast television marketing. According to The Air Conditioning, Heating and Refrigeration NEWS, Online marketing is quickly becoming one of the most important marketing solutions for HVAC contractors and prospective customers.
If you would like more marketing research information on how to reach these demographics and the marketing platforms most used by home improvement consumers, or a digital marketing audit, TEGNA Local Louisiana can help.