Quarterly Metro New Orleans Home Prices

Recent Prices at a Glance

The slow, but steady upward trend in average home prices accelerated during 2015.

Year over year, 2014 prices increased 5.3% over those in 2014. More recently, fourth quarter averages are up 5.2% compared to the same quarter of 2014.

Where Do New Orleans Area Home Prices Go From Here? 

That's a great question. All the past data in the world can only show where prices have been, not where they are headed.

We can say for sure that near-term economic growth looks promising, and employment levels remain relatively strong in the Metro New Orleans area.

Nationally, highly distressed housing markets have recovered. Other economic indicators show mixed results, so time will tell how vigorous this recovery will be.

Meanwhile, we will carefully monitor developments in the New Orleans real estate market. Please visit us again soon.

New Orleans Real Estate Prices During the Last Few Years

The New Orleans region experienced a steady increase in home prices during the years prior to Hurricane Katrina which struck in 2005. From 1994 through 2004, single family homes listed in move-in condition increased in price from an average of $56 per square foot to $100 per square foot. This computes to an average of 5.9% per year.

In early and mid 2005, prices increased by about 7%, a high rate for the region, but still substantially lower than soaring national levels. In August 2005, Hurricane Katrina damaged much of the housing stock, resulting in a sharp rise in undamaged home prices.

Area prices peaked during the second quarter of 2007 to $126 per square foot. Brought down by the national housing crash and ensuing recession, prices fell to $112 by the first quarter of 2009. This was a significant drop, but far less than in many other regions of the country.

Through March 2012, prices followed a narrow sideways trend bounded by $115.53 on the upside and $111.30 on the downside.

Prices started turning up nicely in mid 2012 as sales activity strengthened, and now the overall metro price level has reached an all time high.

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 i 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.


Year $/SqFt. % Change From Prior Year
1994 $56.37
1995 $59.32 5.2%
1996 $64.93 9.5%
1997 $67.71 4.3%
1998 $71.77 6.0%
1999 $75.84 5.7%
2000 $79.48 4.8%
2001 $81.93 3.1%
2002 $87.39 6.7%
2003 $92.33 5.6%
2004 $99.54 7.8%
2005 $108.44 8.9%
2006 $123.36 13.8%
2007 $123.00 -0.3%
2008 $117.99 -4.1%
2009 $114.18 -3.2%
2010 $114.63 0.4%
2011 $113.04 -1.4%
2012 $115.35 2.0%
2013 $121.00 4.9%
2014 $122.97 1.6%
2015 $129.54 5.3%

Year Qtr. Price/SqFt. % Change From Prior Quarter % Change from Prior Year
2005 1 $101.82 -0.4% 6.1%
2 $107.74 5.8% 7.9%
3 $109.18 1.3% 9.6%
4 $113.52 4.0% 11.1%
2006 1 $121.69 7.2% 19.5%
2 $124.40 2.2% 15.5%
3 $123.30 -0.9% 12.0%
4 $124.05 0.6% 9.3%
2007 1 $121.71 -1.9% 0.0%
2 $125.95 3.5% 1.2%
3 $123.77 -1.7% 0.4%
4 $119.23 -3.7% -3.9%
2008 1 $117.76 -1.2% -3.2%
2 $120.76 2.5% -4.1%
3 $118.30 -2.0% -4.4%
4 $113.02 -4.5% -5.2%
2009 1 $112.04 -0.9% -4.9%
2 $115.52 3.1% -4.3%
3 $113.17 -2.0% -4.3%
4 $115.53 2.1% 2.2%
2010 1 $113.32 -1.9% 1.1%
2 $115.02 1.5% -0.4%
3 $114.37 -0.6% 1.1%
4 $115.43 0.9% -0.1%
2011

1 $111.71 -3.2% -1.4%
2 $114.66 2.6% -0.3%
3 $113.66 -0.9% -0.6%
4 $111.30 -2.1% -3.6%
2012 1 $112.40 1.0% 0.6%
2 $118.93 5.8% 3.7%
3 $114.57 -3.7% 0.8%
4 $114.14 -0.4% 2.6%
2013 1 $115.37 1.1% 2.6%
2 $123.00 6.6% 3.4%
3 $122.15 -0.7% 6.6%
4 $121.76 -0.3% 6.7%
2014 1 $119.35 -2.0% 3.4%
2 $125.25 4.9% 1.8%
3 $121.53 -3.0% -0.5%
4 $124.91 2.8% 2.6%
2015 1 $123.44 -1.2% 3.4%
2 $131.05 6.2% 4.6%
3 $130.42 -0.5% 7.3%
4 $131.42 0.8% 5.2%