Real Estate Trends for

Metro New Orleans

What's happening in Metro New Orleans real estate? Where are prices and interest rates, what's in store for the coming months and year... Read up to learn more about what's happening in NOLA real estate and find out if now is a good time to buy or sell a home in New Orleans.

Take a Peak at Metro New Orleans

The thriving city of New Orleans has seen high prices and low inventory in the end of 2018 and going into 2019—great news for sellers, but not so much for buyers. Fortunately for buyers, the market is predicted to cool off a bit, with prices shifting downwards and inventory rising. Here's what else is happening.

$232,900Median Sale

$1,600Median Rent

The Homes

Prices in the NOLA area are decreasing while inventory is rising, therefore cooling the market into a buyer's market.

The Market

Though NOLA prices are pretty affordable compared to many of the US's hottest markets, it's one of the most expensive markets in the state.

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The Values

While prices are currently on a decline, overall home values are expected to rise over the course of the next year—as much as 2.6%.

Homes for Sale in Metro New Orleans

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Metro New Orleans by the Numbers

Demographics

Population: 388,182
Parish: Orleans
Median Home Value: $205,000

Travel & Commute

Baton Rouge: 1.5 hours
Mobile, AL: 2.25 hours
Major Roads: I-10, I-310, US-90

Previous Prices in New Orleans

The New Orleans real estate market exprienced a steady increase in home prices 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/sq ft to $100/sq ft. 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 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.

New Orleans Real Estate Prices During the Last Few Years

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%

Buying or Selling in NOLA?

Are you thinking of buying or selling a home in the New Orleans metro area? Then it's time to contact The Nugent Freeland Team. We're here to help you make your real estate goals a reality!