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Local Louisiana Marketing Blog

New Orleans Home Improvement Data for 2016

[fa icon="calendar"] Jul 7, 2016 10:00:00 AM / by TEGNA Local Louisiana

TEGNA Local Louisiana

 

 One of the biggest indicators of a healthy home renovation market is a healthy real-estate market.  According to a recent Harvard study on trends in the remodeling industry, the buying and selling of houses triggers more home improvement projects.  

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. 
 
For the New Orleans Home Improvement market, an additional factor added to this real-estate activity is that much of our housing stock is historical.  While historical housing is sought after many buyers, they also expect modern upgrades and amenities which require significant home improvements.  
 
The recent remodeling study provides great data for home services companies who want to capitalize on this growth market opportunity.  The study pinpoints customers in their mid-30's to their mid-50's as the top target demographic for home improvements.  This age bracket is the time when families are typically expanding and when incomes are increasing which explains why homeowners in this age range spent 30 percent more on average on home improvements than the rest of the population.

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.

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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.

Contact Us to Learn More

 

Topics: home improvement, Marketing Research, digital advertising, broadcast advertising

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