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City of New Orleans Real Estate - The East Bank

City of New Orleans Real Estate Snapshot

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  • The city of New Orleans offers a colophony of sights and sounds, a medley unknown anywhere else in the American South.
  • Best known for its historic districts - the French Quarter, the Garden District and Uptown - the city also includes the fashionable Warehouse District with its upscale condo developments as well as the once thriving and now recovering Lakeview and New Orleans East neighborhoods.
  • These are just some of the communities that make New Orleans special.
  • New Orleans residential neighborhoods offer home buyers an array of choices. There are single family homes, large and small condo developments and a significant number of multi-family homes.
  • Prices range from affordable condos and cottages to mansions selling for millions of dollars.
  • With its urban lifestyle unlike any other, the City of New Orleans is certainly an interesting place to live.

Fun Facts

  • The City of New Orleans was named after Philippe II, the Duke of Orleans and Regent of France.
  • New Orleans was founded by the French Mississippi Company under the command of Jean-Batiste Le Moyne, Sieur de Bienville in 1718 on land occupied by the Chitimacha, a Native American tribe.
  • The city remained under French control until 1763 when it was ceded to Spain. In 1801, New Orleans returned to French control. Much of the city's historic architecture - especially that in the French Quarter - was heavily influenced by the the three decades of Spanish rule.
  • In 1803, New Orleans and the rest of the Louisiana Territory was sold by France to the United States.
  • During the early 1800s, thousands of French speaking Creoles settled in New Orleans after a revolution in Haiti. That Creole infusion made an indelible mark, one that remains to this day in our food and culture.
  • Over the course of the 1830s and 1840s, New Orleans grew to become the third largest city in the United States and one of the wealthiest.
  • New Orleans has been given several nicknames over the years.
    • One of the most popular is the "Crescent City" due to the shape of the Mississippi River as it sweeps past the city.
    • The nickname "The Big Easy" has a couple of suspected origins. Early 20th century musicians used that name for the city because of the ease of finding work here. Later in the Prohibition era, New Orleans was considered a giant speak-easy due to government's inability to control alcohol sales in violation of the 18th Amendment.
    • "The City that Care Forgot" has been around since the 1930s and describes the carefree nature of many of the city's residents.
  • New Orleans enjoys a rich heritage and culture, and a list of interesting facts can go on for a very long time. We recommend that you come see for yourself!

City of New Orleans Real Estate Prices

Homes Listed in Very Good or Better Condition
Sold Between July 1, 2009 and December 31, 2009

  Average
Price
Maximum
Price
Minimum
Price
Average
$/SqFt
Maximum
$/SqFt
Minimum
$/SqFt
Number
Sold
Single Family Homes $296,221 $2,300,000 $50,000 $136 $638 $45 632
Multi-Family Homes $235,143 $556,500 $66,000 $98 $191 $37 130
Condos $250,118 $1,350,000 $25,000 $252 $576 $95 208

Yearly Average Sales Prices of Homes in the City of New Orleans - East Bank

Single Family Homes Listed in Very Good or Better Condition
January 1, 1994 through December 31, 2009

New Orleans home prices chart

City of New Orleans Real Estate Prices - Single Family Homes

Year Very Good or Better Condition Poor to Average Condition All Sales
Average $/SqFt #Sold Average $/SqFt #Sold Average $/SqFt #Sold
1994 $130,961 $60 1,349 $68,812 $40 803 $107,771 $52 2,152
1995 $128,192 $63 1,359 $72,169 $41 795 $107,515 $55 2,154
1996 $149,223 $68 1,445 $71,472 $44 724 $123,270 $60 2,169
1997 $153,816 $71 1,466 $79,767 $47 827 $127,109 $62 2,293
1998 $165,490 $77 1,514 $89,300 $51 835 $138,406 $68 2,349
1999 $181,618 $85 1,435 $91,507 $54 854 $147,999 $73 2,289
2000 $197,442 $91 1,440 $86,191 $52 835 $156,609 $77 2,275
2001 $206,421 $97 1,449 $88,340 $54 741 $166,467 $82 2,190
2002 $233,337 $108 1,525 $95,011 $58 749 $187,776 $91 2,274
2003 $247,480 $114 1,661 $96,032 $58 828 $197,099 $96 2,489
2004 $252,704 $122 1,683 $105,701 $66 840 $203,761 $103 2,523
2005 $302,492 $140 1,358 $121,536 $73 530 $251,694 $121 1,888
2006 $416,930 $181 947 $121,976 $59 1,581 $232,467 $105 2,528
2007 $357,615 $156 945 $90,246 $46 1,661 $187,200 $86 2,606
2008 $316,572 $142 1,012 $93,784 $47 921 $210,422 $97 1,933
2009 $301,458 $138 1,121 $99,190 $48 711 $222,958 $103 1,832

 

City of New Orleans Real Estate Prices - Condos

Year Very Good or Better Condition Poor to Average Condition All Sales
Average $/SqFt #Sold Average $/SqFt #Sold Average $/SqFt #Sold
1994 $135,422 $98 93 $59,262 $59 33 $115,475 $88 126
1995 $138,759 $108 142 $59,806 $62 43 $120,408 $97 185
1996 $147,581 $114 185 $78,724 $75 43 $134,595 $106 228
1997 $152,601 $118 190 $75,182 $77 46 $137,511 $110 236
1998 $161,389 $133 248 $62,313 $76 35 $149,136 $126 283
1999 $168,032 $143 262 $67,092 $86 64 $148,216 $132 326
2000 $177,797 $161 284 $79,113 $118 75 $157,181 $152 359
2001 $194,367 $177 304 $58,096 $104 40 $178,521 $169 344
2002 $229,783 $187 360 $110,780 $171 30 $220,628 $186 390
2003 $235,981 $212 480 $170,486 $177 28 $232,371 $210 508
2004 $216,063 $223 639 $125,500 $176 21 $213,181 $221 660
2005 $246,515 $236 1,045 $141,229 $198 24 $244,151 $235 1,069
2006 $262,900 $276 774 $120,531 $180 29 $257,758 $272 803
2007 $271,724 $276 633 $118,470 $143 20 $267,030 $272 653
2008 $284,320 $268 495 $143,094 $134 16 $279,898 $264 511
2009 $261,352 $258 376 $119,630 $146 28 $251,530 $250 404

 

City of New Orleans Real Estate Prices - Multi-family Homes

Year Very Good or Better Condition Poor to Average Condition All Sales
Average $/SqFt #Sold Average $/SqFt #Sold Average $/SqFt #Sold
1994 $111,225 $45 183 $54,891 $23 596 $68,124 $28 779
1995 $107,592 $42 202 $56,877 $25 643 $69,001 $29 845
1996 $111,967 $43 240 $58,292 $25 665 $72,526 $30 905
1997 $128,182 $49 240 $62,636 $27 681 $79,717 $32 921
1998 $137,596 $53 267 $67,273 $30 621 $88,418 $37 888
1999 $149,271 $57 270 $78,164 $35 667 $98,654 $41 937
2000 $177,490 $68 261 $73,364 $34 628 $103,934 $44 889
2001 $194,042 $74 330 $83,409 $39 559 $124,477 $52 889
2002 $191,355 $75 383 $87,926 $40 563 $129,800 $54 946
2003 $221,715 $89 426 $99,981 $46 568 $152,153 $64 994
2004 $213,742 $90 501 $107,070 $51 687 $152,056 $67 1,188
2005 $236,961 $98 409 $126,359 $59 419 $180,992 $78 828
2006 $283,609 $118 278 $105,402 $48 730 $154,550 $68 1,008
2007 $251,988 $108 260 $100,340 $47 648 $143,763 $64 908
2008 $246,494 $105 207 $97,259 $43 375 $150,338 $65 582
2009 $235,051 $100 218 $87,809 $38 388 $140,778 $60 606

 

City of New Orleans Map - The East Bank

City of New Orleans MLS Areas Are Numbered from 60 through 79

New Orleans Map

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A few notes about the pricing data:

  • All the sales information comes from the database of homes listed as sold by the Gulf South Real Estate Information Network.
  • The information is entered by many hundreds of listing agents and brokers, so we consider the data to be generally accurate but do not and cannot guarantee that it is exactly accurate.
  • These charts and tables should be regarded as general guides to trends in Metro New Orleans real estate and not as specific recommendations on the worth of individual homes. Each situation has its own variables, and it pays to have an experienced professional to determine the market value of any property prior to undertaking a transaction.
  • Multi-family homes used in this study contain four or fewer units.

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