Metro New Orleans Real Estate: News & Views
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Good News for First Time Buyers* of Metro New Orleans Real Estate
This is a great time to be a buyer of Metro New Orleans real estate. There are several reasons:
- Interest rates are near historic lows.
- The New Orleans real estate market has been remarkably resilient relative to national trends.
- There are plenty of homes on the market, and many sellers are wiling to deal within reason.
More Good News for First Time Buyers
Recent tax incentives have made the purchase of a home even more financially appealing to those who qualify.
This incentive is a full tax credit, not just a deduction. However, time is of the essence to take advantage of this program.
More about tax credits for home buyers . . .
*If you have not owned a principal residence during the past three years, you are considered a first time buyer.
Sellers of Metro New Orleans Homes: Winning Strategies in a Buyer's Market
Home sellers competing in today's strong buyers' market face special challenges and considerations. More than ever, proper pricing and preparation of a home are vital to a successful real estate sale.
Pricing - Get the Full Story
If you are preparing to put your home up for sale in the current buyer’s market, it is important that you know the full facts about your neighborhood’s residential sales environment.
Sometimes, to get an idea about pricing their own homes, prospective sellers inquire about pricing, square footage, condition and features on homes recently sold in their neighborhoods. Eventually, they may see a sold sign - all too often, many months later.
The steps that turned “For Sale” into “Sold” are often not seen by these prospective sellers.
Selling your home in a buyers' market . . .
Prices of Metro New Orleans Real Estate Fall 3.9% in 2008
Single family New Orleans homes listed in move-in condition declined 3.9% from 2007 averages. This modest loss bucked the double digit national price trends and for good reasons.
2008 prices of New Orleans homes . . .
Prices of Metro New Orleans Homes Steady During First Quarter of 2009
Metro New Orleans homes on average remained near year end 2008 price levels during the first quarter of 2009. Single family homes listed in move-in condition lost a modest 0.9 per cent in value measured in dollars per square foot.
Some areas, including the City of New Orleans saw average real estate prices rise in recent months.
More on Q1 2009 New Orleans real estate prices . . .
| Area | Q1 2009 |
Q4 2008 |
Change |
|---|---|---|---|
| Region | $112 | $113 | -0.9% |
| City of N.O. | $133 | $127 | 5.1% |
| East Jeff | $118 | $123 | -3.9% |
| Westbank | $97 | $99 | -2.4% |
| River Parishes | $102 | $106 | -3.7% |
| North Shore | $111 | $111 | 0.1% |
Prices of Metro New Orleans Real Estate Continue Rising Trend
Updated through June 27, 2009
Metro New Orleans real estate prices have generally risen since February. This price increase reverses the intermediate term slump that had been in place since August 2008.
The longer term plot of real estate prices has flattened in recent weeks as prices have firmed.
Metro New Orleans real estate prices plotted weekly. . .
Expert REALTOR® Services
Lynda Nugent Smith, CRS, GRI
- 2006 REALTOR® of the Year in Metro New Orleans
- 1999 President - New Orleans Metropolitan Association of REALTORS®
- Over 35 years of New Orleans real estate industry leadership and success
- More about Lynda . . .
Lesha Nugent Freeland, ABR, GRI
- 2004 Runner-up New Orleans REALTOR® Rookie of the Year
- Selected to the Keller Williams Realty Leadership Council
- Has made her own name in the New Orleans real estate community
- More about Lesha . . .
- Search for
Real Estate - What Is Your
Home's Value? - Considering
Selling Your Home? - Prices of Metro
New Orleans Real Estate - Gabriel:
A Living Paradise
Stay on Top of the Metro New Orleans Real Estate Market
We offer you two tools to search for local real estate for sale. Whether you are in the information gathering stage of your home buying process or if you want to buy right away, you are welcome to use either or both as long as you wish. Just click the buttons below to get started.
Our Personal Property Search Service -
The Perfect Home Search Tool for Busy People
Find Your Next
New Orleans Area Home
in Your Inbox
- Simply fill out our home search request form.
- Using our professional MLS search capabilities and knowledge of the New Orleans real estate market, we will provide you with a detailed listing of homes that meet your requests.
- We will email you updates as appropriate properties come on the market. Quite simply, you will find home info in your email inbox.
- If you want to stop your emailed updates, just call or email.
- We absolutely respect your privacy! We will not share your requests or contact information without your permission. No ifs, ands or buts.
- It's fast and easy, and there is no obligation to you.
- Here's how it works.
Our Instant Property Search Service - Please Help Yourself
Please Help Yourself:
Search for Metro
New Orleans Real Estate
- Using this service, you can immediately view all types of homes for sale from throughout the area.
- You can save your searches for later viewing.
- When you do find a home that interests you and request our help, we will make all arrangements for you to view the property in-person.
- There is no requirement to sign in to use the basic features of this search tool, and there are no obligations to you.
- When the time is right, we look forward to working with you to secure the best possible home.
- Until that time, Happy Hunting!
What is Your New Orleans Area Home Worth?
Find the Value
of your New Orleans
Area Home
- We offer owners of area homes a no obligation estimate of the value of their homes.
- Just complete this short form, and we will create a competitive market analysis of your home.
- We will email or phone you with your results. The method of contact is entirely up to you.
- We respect your privacy. To that end, we will not share your information with anyone or phone you without your express permission.
- Thanks for your time!
Are You Considering Selling Your Home?
Expert New Orleans
REALTOR® Services
This is a tough environment for home sellers. There is a lot of inventory on the real estate market, and prices have been weak. Buyers are bargain hunting and looking at a lot of homes before coming to a decision. In this competitive market, it pays to have expert help.
To this end, we want to share some thoughts about how professional REALTOR® services can help save you time, hassles and hopefully money in marketing your home.
With our long history of sales success, our contacts and negotiation skills, we are highly qualified to help you. Please contact us when the time is right.
New Orleans Home Sales and Pricing
New Orleans Real Estate:
Prices and Sales Info
We offer extensive information on Metro New Orleans real estate prices on this web site.
First, we summarize 2008 home price action.
Second, each of the areas covered in our Metro New Orleans Homes section includes information on prices of single family homes, condos and multi-family homes. These homes are separated into those listed in move-in condition and those rated as fixer-uppers. This price information covers the entire region and the following communities and neighborhoods:
- City of New Orleans - the French Quarter, the Warehouse District, Uptown New Orleans, the Garden District, Lakeview and New Orleans East
- East Jefferson - Metairie, Kenner, River Ridge and Harahan
- The Westbank - Belle Chasse, English Turn, Algiers, Gretna and Harvey
- The River Parishes - Destrehan, Luling and Laplace
- The North Shore - Mandeville, Madisonville, Covington and Slidell
Next, we offer recent home prices covering the past six months, recent inventory of homes for sale separated by price range and a weekly chart of New Orleans real estate prices.
Finally, we discuss New Orleans real estate prices on our blog.
Thanks for visiting. If you have any questions, please contact us.
The Crown Jewel in Metro New Orleans Real Estate: Gabriel
Metro New Orleans Lakefront Gated Community Delivers
Privacy, Luxury, Prestige
Lynda is proud to have been chosen exclusive listing broker for Gabriel. She and Lesha look forward to helping you realize your dream home in this exciting, modern development.
A few facts about Gabriel:
- Gabriel is a private, gated and meticulously planned community located on the suburban New Orleans Lakefront.
- Our residents have built some of the most prestigious homes not only in Metro New Orleans, but in the entire Gulf South.
- These Classical, Mediterranean and Caribbean-style homes are set in a rich tropical landscape with parks and lagoons.
- Privacy is insured by 24 hour a day guard staff.
- Because of its elevation and state-of-the-art drainage system, Gabriel did not flood during Hurricane Katrina.
- Homesites start at $112,000.
- Gabriel is only ten miles from downtown New Orleans.
If you are considering preeminent Gulf Coast homes, you must consider Gabriel!
Frequently Asked Questions
Ask Us a Question?
Where can I find the widest choice of condos and multi-family homes in Metro New Orleans?
There are a at least a few condos and multi-family homes in all areas of Metro New Orleans, but some areas offer more many choices than others.
You can find a wide selection of condos in New Orleans, East Jefferson and on the North Shore but very few on the Westbank and in the River Parishes.
There are many multi-family homes in the city of New Orleans and a fair number in East Jefferson and the Westbank. Multi-family homes are rare in the River Parishes and the North Shore.
Is there much new residential construction available in the New Orleans area?
There are at least a few new homes on the market in most areas of the metro area.
New Orleans and East Jefferson offer the fewest choices for never occupied homes. Both areas are surrounded by water, so there is very little undeveloped land available for new construction. For the most part, new homes are properties in Lakeview and New Orleans East rebuilt since Hurricane Katrina. In other cases, older homes have been demolished to reclaim the land. The Kenner lakefront area does have some tracts under development in Gabriel, Louisiana Trace and Southlake Villages.
On the North Shore, there are many newly constructed homes to choose from.
Where can I find a lot of renovation possibilities?
There are renovation candidates in most areas of our region. Much of the housing stock has been refurbished since Hurricane Katrina, but many possibilities remain, especially in New Orleans.
Can owners of New Orleans condos rent their properties to others on a short term basis?
It depends. Many condo associations have restrictions, sometimes strict ones, against renting units. The aim is to foster owner-occupied properties. If you wish to purchase a condo to rent to others, it is essential to examine the condo documents carefully.
Lynda Nugent Smith
Lesha Nugent Freeland
Keller Williams Realty
4725 Veterans Memorial Boulevard
Metairie, LA 70006
United States of America
504.455.0100
Each office independently owned and operated
Broker and associate are licensed by the state of Louisiana