How Much Does The Average Home Cost In New Orleans?

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After a brief upward trajectory, pending home sales continue to drop a tad across Louisiana and Greater New Orleans. The trend is part of a national wave of lower home prices spurred by rising interest rates.

After steep increases in home prices in New Orleans and nationally over the last two years, the market is starting to soften in large metropolitan areas.

You may be curious to know how much an average New Orleans home costs in the current real estate market.

What Is The Average Price Of A Home In New Orleans?

The average home costs $349,000 in New Orleans, which is up 6% compared to last year, according to recent figures.

The average home in New Orleans consists of:

3 bedrooms, 2 bathrooms
A one-quarter acre lot
Central air and heating unit

In Louisiana, the average home value is about $182,595, according to Zillow. The Pelican State has experienced about a 2.3% increase in home values over the last 18 months.

Are Home Prices Dropping In New Orleans?

In New Orleans, home prices are starting to cool after a string of months that saw gains across all types of units. Even the cost of land is high in Louisiana now.

Here are the average home prices across some top New Orleans neighborhoods, according to Zillow.

Little Woods $184,600
Read Blvd. West $166,000
West Lake Forest $128,000

Plum Orchard $134,000
Pines Village $119,000
Pontchartrain Park $183,000

Is It Better To Rent Or Buy A Home In New Orleans?

As to whether it’s better to rent or buy a home in New Orleans, a lot has to do with your personal goals and your financial situation. Apartment rentals are higher than they’ve ever been in New Orleans.

There are pros and cons in renting or buying. a home, but how you want to live has a lot to do with it.

Renters are being priced out of the city as real estate prices continue to restrict demand. Here’s how to find a cheap New Orleans apartment.

Final Word

Home prices in New Orleans have been rising steadily over the past two years, but things are starting to trend in the other direction.

Although home values have dipped a bit, areas around New Orleans that used to have $10,000 properties just 10 years ago, gentrification has quickly shot prices through the roof.

Keep up with what’s going on in the Louisiana real estate scene. Check out these cheap apartments.

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Keisha Smith

Keisha Smith is a Contributing Writer who attended college at Southern University A&M College in Baton Rouge. She is currently writing a book on south Louisiana culture.